In the absence of nomination or will, the heirs to a piece of property or financial assets are required to prove their claims to them. In such cases, depending on the asset, an heir might be asked to produce either the succession certificate or the letter of administration.
For movable property like the provident fund, bank deposits, shares, loans, or other securities, the succession certificate is required.
Formalities like realization of debts and securities, transferring of assets and to inherit debts to realize the debts and securities of the deceased can be completed by legal heirs only after grant of succession certificate. A beneficiary makes an application to a civil court and court may grant the certificate according to Succession Act, if it is satisfied.
A duly signed and verified application must be made to the civil court of competent jurisdiction.
b- In the petition, details like petitioner’s name, name of legal heirs of deceased, relationship of the petitioner with deceased, right of petitioner, residences of relatives and family of deceased and details of death along with the death certificate debts and securities for which the succession certificate has to be obtained have to be mentioned.
According to Schedule II of The Court Fees Act, 1870, certain amount is levied as court fee for this process. Stamp Duty may vary from state to state.
A newspaper notice for 45 days is issued by the court. Any person having problem with it can file objections. If the court doesn’t receive any objection, it issues succession certificate. This process takes five to seven months.
Documents required for obtaining Succession Certificate:
Below is the list of documents required for applying for the Succession Certificate:
(i) Death certificate
(ii) Pan Card of all the legal heirs .
(iii) Ration card of all the legal heirs.
(iv)-Prescribed application form by affixing a court fee stamp.