Succession Certificate is required when somebody inherits any immovable or movable property in India which covers under the Hindu Succession Act as well as Indian Succession Act.
A succession certificate is issued by a civil court falls under the jurisdiction where the property(ies) or other assets of deceased person is sitautated, to the legal heirs of a deceased person. If a person dies without leaving a will then mostly the Financial Institution as well as Banks required Succession Certificate from the legal heirs of the deceased person. A succession certificate can be granted by the concerned District Courts to get realise the debts and securities of the deceased to the legal heirs. It establishes the authenticity of the legal heirs and gives them the authority to have securities and other assets transferred in their names as well as inherit debts or collect the money lying in the bank account of deceased person.
How to apply to get Succession Certificate:
To obtain the succession certificate, the legal heir(s) needs to file an application in a prescribed form before the Competent Court of Jurisdiction in whose jurisdiction the person resided at the time of his death, or to a District Judge within whose jurisdiction any of the property of the deceased exists.
The essential points to be mentioned in the application are:
After filing the application under relevant statute, the district judge will decide if the petitioner has the right to be heard or not. If he considers that such a right exists, he may initiate the proceedings and take into account the facts put forward by the applicant(s). In the case where he is satisfied with the facts demonstrated by the applicant(s) after adducing the oral and documentary evidence, he may issue the certificate to the petitioner in order to receive interest or dividends on the securities or their transfer or both or to receive the money lying in the bank account in the name of deceased. The court also provides for the publishing of a notice in the newspaper and sets a fixed deadline for any objections from general public. If the Court receives no objections within that period, it may issue the same to the applicant(s).
The Court may at times direct the applicant(s) to furnish indemnity bond or one or more sureties or security for rendering any account of debts or securities received by the applicant(s) of the succession certificate for indemnifying the persons who are entitled to any part of the debts or securities. The Succession Certificate is legally valid throughout India. NRI Law Offices has expert legal advisors and lawyers who can help in establishing the authenticity of the legal heirs and to getyour rightful share as per Indian Laws and procedures.