There is a lot spoken about the process of obtaining succession certificate, but get the real clarity here as everything is explained in depth.
If there is any sudden demise of the family’s head, then the following legal heir is directly responsible for cherishing the existing legacy of the family. Under this guide, you can learn the application procedure for a succession certificate.
Importance of Succession Certificates
In case of any absence of any will or nomination, the nominee to property or any of the financial assets are mandatorily required to prove all the claims. In such types of cases, it depends on the kind of asset, and the documents which the claimer will have to produce, which could include either an administration letter or succession certificate. In case of a death of a person, for the other person to be able to claim the property, having the relevant documents is very essential.
When there is no will or nomination, the heirs to any property piece or financial assets are required to prove the claim. In such circumstances depending on the purchase, you might be asked to produce a letter of administration or succession certificate. The civil court issues the succession certificate to the legal heir of the person who passed away. The court will grant a succession certificate if the person dies without leaving any bill, which will help realize the debts and securities of the deceased person. It also establishes the authenticity of the legal heir and gives them the authority to have securities besides other assets transferred in the name besides inherit debts.
The succession certificate is essential, but it is not always sufficient to release the deceased’s assets. It is generally issued per the applicable laws of the inheritance on the application made by the beneficiary to the court of competent jurisdiction. Letter of administration, no objection certificate, and death certificates are required.
The succession certificate is required for the movable property, including Provident fund bank deposit shares, loans other securities. You need to produce the letter of administration for the immovable property, including land, jewelry, etc. To support your claim. The Provident fund or shares is a provision for the nominee if there is a bank account. The court can ask for the succession certificate if there is any dispute. At the same time, if the amount involved is huge, or a financial institution has some doubt that the legal claimant is genuine, you might be required to produce a succession certificate.
The Bank or financial institution might ask for a legal heirship certificate that makes it easier for them to obtain the succession certificate. The difference between the legal and succession certificates is used to establish some authenticity of the legal applicants and give them the authority to get the asset.
Steps To Apply For The Succession Certificate
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Petition
It is essential for submitting the signed and verified version of the application to the court of jurisdiction.
You have to submit the details of the petitioner’s name, the name of the legal heir, of the deceased person’s residences of the family of the deceased or the relatives, and the details of death besides the death certificate debt and securities for which the succession certificate has been obtained.
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Fees
Stamp duty is different from one part of the country to another. The court charges a certain amount per schedule 2 of the court fees at 1870. If the court does not get any objection, they will issue the succession certificate. The process takes anywhere around 5 to 7 months.
Documents Required To Get Succession Certificate
You need to submit the following documents to get a succession certificate
- Certificate of death
- Pan card of all the legal heirs
- Address proof of the legal heirs
- Prescribed application form featuring a fix by the court fee stamp.
- Getting the certificate takes around 3 to 4 months from the filing date.
Court Jurisdiction Will Grant A Certificate
The District Judge can be chosen depending on whose jurisdiction the deceased was residing during the time of their death, or the jurisdiction of the property can be selected if no place of residence is fixed.
Restrictions On Succession Certificate
Once you have the certificate, you are authenticated to distribute the assets to the heirs. As per the succession laws, most people think that if they have the succession certificate, they would be the rightful owner of the deceased’s properties, which is incorrect. Furthermore, a succession certificate allows only one person to act, similar to how a nominee can act. It will give them the authority to distribute the deceased person’s assets.
It is always good to write a well or appoint any nominee In the financial account considering the process. Financial accounts can include stocks, fixed deposit savings, or mutual funds.
As per the rules under the succession act 1925, you must file the petition in the District Court to get the succession certificate. But to apply for the same, you should be of sound mind, and if you are a minor falling below the age of 18, you cannot apply for this certificate.
Once you submit the petition, your District Judge will decide the petitioner’s right and grant you the suspension certificate. A joint certificate will be issued if there are multiple beneficiaries for issuing the certificate. The court levies some fees. The fees are generally a fixed percentage of the estate value, and you can pay the same to the judicial stamp papers. The court appoints the administrator in case of the legal heirs. The appointment is generally made through the letter of administration, which serves as proof of the authority on the asset.
Can The Succession Certificate Be Revoked?
The certificates can be cancelled if it is availed through any fraud activities. Unforeseen activities generally arise due to invalid credentials.
Conclusion:
Whenever anything boils down to legalities, the process is indeed. Similarly, the process of obtaining a succession certificate is challenging. Doing it all alone, without any knowledge or prior experience can slow down the process further. Hence, for this reason, it is essential to have the support of an expert such as Vakilsearch who can be of prominent help due to the professional experience the employees have to offer.
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