Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Legal / What is succession certificate?
Q.

What is succession certificate?

view 279Views

3 Year

Comment

1 Answers

send
-1 2021-11-03T16:45:16+00:00
⤺ Reply

Hey,

I know legal issues can be exhausting when you try to understand them, especially when there is no rulebook available to simplify the facts and present them together. In this answer, I will explain what is succession certificate in simple terms.

What is the Meaning of Succession Certificate

A succession certificate is a document that establishes the legal heirs’ rightful claim when the person dies without making a will. This certificate ensures the transfer of any securities, debts, or assets to the deceased person’s legal successor. These assets can include bank balance, government undertakings, retirement benefits, insurance, pension, mutual funds, etc.

The certificate holder is allowed to take over the assets, securities and pay debts on behalf of the deceased person even before the property’s legal inheritor is determined. It  also offers security against any financial loss to everyone that owes debts or is accountable for securities with regards to the certificate holder.

Let me explain this using an example:

Usually, when a financial institution lends/borrows money to the deceased person, they ask for proof before they transfer the case to the legal heir. In this case, the succession certificate acts as that proof. It specifies the list of securities, debts, and assets along with details of the legal heirs as well as the relationship between the deceased person and petitioner.

You might find these answers as well:

Is succession certificate required for immovable property? When succession certificate is not required? When succession certificate is required? How to get succession certificate?

 I hope now you understand what is succession certificate!

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

I Want My Shop To Be Rented for Bank ATMWhat is the difference between sales agreement and sales registration?What is the Unregistered Sale Agreement Validity Period?How much is stamp duty and registration in Mumbai?Can a Property be Registered in Two Names?How is betterment charges/improvement charges calculated for an apartment? Is it calculated based on UDS or the Built Up area? Is it a one time payment? And if the BC/IC is paid by the builder for land before construction do we need to pay it again for apartment?Can GPA Holder Register Property in His Own Name?What is the difference between the registration of agreement of sale and sale deed?What happens when someone dies before completing an agreement to sale an immovable property?Difference Between Sale and Exchange?See All

Recently Published Questions

How to Sell a Property to a Family Member?How Long Does It Take to Get Patta in Chennai?What is the cost to register a gift deed?What is the process of cancellation of the Sale Deed?What is the difference between contract and agreement?What is Sale Deed Registration?How to Stop Someone Selling Your Property?How to Get Consent Deed for Mother Deed?What are the Documents Required to Make Sale Agreement?Can a seller back out of a contract?See All

Authors Of The Question

profile
Sarthak

0 Total Answers


0


profile

Recently Answered Questions

Where can I actually find and buy a mountain land for residence which has a good view and healthy environment? all the ads I see of "mountain lands" just looks like a dried-out farm with a terrible view, nothing like the freshness you would expect. What is the difference between Modular Home vs Manufactured home? What is Occupancy Certificate मकान मालिक और किरायेदार के अधिकार क्या है How to pay gas bill online in Vadodara? Who is pension disbursing authority? What is Hathway broadband customer care number? How to receive money from Western Union in India? गैस कनेक्शन में नाम बदलने का तरीका? What is the MSEDCL customer care?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners