A succession certificate is a document that establishes the rightful claim of the heirs over the securities, debts, and other assets of the deceased. This certification is given by the court, usually, after investigating the heirs to find out who are the legal heirs of the deceased. Now, let me explain when succession certificate is required:
You are required to file the petition to grant the Succession Certificate in both cases, without or with the Will. In case a person dies without making any Will, their legal representatives are required to approach the Competent Court to claim the financial assets left by the deceased. In other words, legal heirs can establish a claim over financial assets, such as insurance policies, loans, shares, Provident Funds, Fixed Deposits, bank deposits, or any other security after getting the Succession Certificate.
It acts as an assurance of title that is helpful in recovering debts due toward the deceased and accordingly protects the deceased moneylender from the financial loss.
The person who obtains the Succession Certificate can receive the profits or interest on the movable properties as well as the right to deal with the same in any manner. It ensures that its holder now has complete hold over the deceased's movable assets.
I hope you like my answer on when is succession certificate required.
Read more: How to get succession certificate? What is intestate succession? when succession certificate is not required? Is succession certificate required for immovable property?Shifting, House?
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When succession certificate is required?
Sejal
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3 Year
2021-09-27T11:35:06+00:00 2023-04-27T16:35:21+00:00Comment
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