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 CertificateA 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!
What is succession certificate?
Salma
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2021-11-03T16:36:22+00:00 2021-11-03T17:15:32+00:00Comment
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