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A Succession Certificate is a document issued by the court to the heirs of the deceased in order for them to claim movable property. It is significant, and appropriate advice should be obtained before making and implementing these.
Generally, banks will not release funds or FDs unless a document of this type is granted to the successor. It is used for movable assets such as bank deposits, FDs, and so on.
If someone dies intestate (without leaving a Will), the Civil Court might order the debts and securities of the deceased to be released. It establishes the heirs’ legitimacy and empowers them to have deposits and other assets transferred into their names. On an application filed by the beneficiaries in a court of competent jurisdiction, it is issued under the applicable inheritance laws.
- The first step for any beneficiary is to file for a succession certificate in the same court within whose jurisdiction the dead person resided, to inherit the assets of the deceased or even get them transferred in his name.
- The document/certificate that is issued establishes the authenticity of the petitioner and gives him the authority to have the assets transferred to his name. Along with authority, the beneficiary will also carry with him the full responsibility and liability of honouring any debt or security attached to that particular property.
- For all applications made by a recipient to a court of competent jurisdiction, the document in all cases is issued as per the applicable laws of inheritance.
