Saturday, 26 October 2019

How to get a succession certificate

 A person requiring the succession certificate needs to file an application with the district court or high court within whose jurisdiction the asset is located. The name and relationship of the person obtaining this certificate, names of all legal heirs, details about the date and place of death, details of the assets to be transferred should be mentioned in the application. A copy of the death certificate has to be attached. The court typically issues a notice in the newspapers for a given period (generally 45 days). If no one contests the petition, then on the expiry of this period, the court passes an order for issuance of a succession certificate. 

 The court levies a fixed percentage of the value of the estate as a court fee for issuance of the certificate. In some states, there is a maximum cap on court fees. It would normally take six to nine months to obtain the certificate if there is no dispute amongst the legal heirs. In case of a dispute, it could be a long drawn court process before the dispute can be settled. After obtaining the succession certificate, separate applications should be filed with banks, financial institutions, and insurance companies. 
This is accompanied by other supporting documents such as a death certificate, affidavit, indemnity bond, no objection/release deed from other legal heirs (in case a legal heir has decided to release his share in a particular asset in favor of others) for getting the assets transferred to the legal heirs. It is crucial to have a Will in place and make nominations for a smooth transfer of assets to legal heirs. It is better to have the nominee and the beneficiary under the Will as the same person to avoid any kind of conflict.

Refer by DNA

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