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Home/ All Updates/ ADVOCATE FOR SUCCESSION C...
2023-07-18T16:13:02
Advocate Satish S Rao
ADVOCATE FOR SUCCESSION CERTIFICATE AT AFFORDABLE

ADVOCATE FOR SUCCESSION CERTIFICATE AT AFFORDABLE AND REASONABLE RATES IN ANDHERI EAST WHAT IS A SUCCESSION CERTIFICATE? A Succession Certificate may be issued by a Civil Court Judge of the applicable jurisdiction to the legitimate heirs of a decedent who dies intestate and leaves behind unclaimed property and debts. If a person leaves no valid will behind, their death is deemed to have occurred intestate. The owner of a succession certificate has the power to bargain, assign, and/or inherit the debts and assets of the deceased. WHAT IS THE PURPOSE OF SUCCESSION CERTIFICATE: The Succession Certificate provides indemnity to all parties in relation to payments made to or dealings conducted in good faith with the certificate holder, regardless of whether they are in debt or liable for obligations related to such securities. Therefore, a succession certificate is sometimes required for paying off the deceased's obligations or securities. The certificate must be in the person's favour who is claiming the securities or obligations. WHAT IS THE DIFFERENCE BETWEEN SUCCESSION CERTIFICATE AND LEGAL HEIR CERTIFICATE: The key distinctions between a succession certificate and a legal heir certificate are as follows: Particulars Succession Certificate Legal Heir Certificate Applicability To obtain the right to seize a deceased person's debts and assets in the absence of a testament. to lodge a claim as a legitimate heir to the deceased's assets. Contents The applicant's relationship to the deceased as well as the list of debts and securities that are being sought A list of the deceased person's full legal heirs Function establishes the certificate holder's right to receive the debts and assets of the deceased, and it protects the parties responsible for making debt payments Identifies and establishes a deceased person's living heirs Effect The holder may not necessarily be the Assets primary beneficiary. The assets may be inherited by the possessor . SUCCESSION CERTIFICATE VIS-A-VIS WILLS: In the event a person dies leaving a Will, A Succession Certificate many not be required for inheriting the assets of the deceased since the entire estate of the decease shall vest on the executor of the will for distribution as per the instructions set forth in the will. Although Section 370 of the Indian Succession Act, 1925, specifically provides that a succession certificate shall not be granted with respect to any debt or security in cases where a right to such property is required to be established by obtaining Letters of administration or probate, in certain states, a probate and a succession certificate compulsory to that in the absence of a will, banks and financial institutions typically rely on the Succession Certificate and/or a legal heirship certificate. ELIGIBILITY FOR A SUCCESSION CERTIFICATE: The following person qualifies for the succession certificate: • Wife of the deceased. • Children of the deceased. • Parents and siblings of the deceased. WHERE TO APPLY FOR A SUCCESSION CERTIFICATE: 1: District Court in whose jurisdiction the property is situated. 2: Court in whose jurisdiction the deceased last resided. SUCESSION CERTIFICATE BOMBAY HIGH COURT- If the property is in Mumbai/the deceased died in Mumbai you need to file for Succession Certificate from Bombay High Court, Fort, Mumbai, Maharashtra 400001 DOCUMENTS NEEDED FOR A SUCCESSION CERTIFICATE: Following documents are required while applying for Succession Certificate: • An affidavit of self-undertaking • The applicant's identification must be verified • Address proof of each lawful heir's • Proof of each legitimate heir's birthdate • A copy of the dead person's death certificate • Death certificate for the direct legal heir who passed away • Proof of the deceased's residence. PROCEDURE FOR A SUCCESSION CERTIFICATE : Step 1: Writing the Petition After successfully paying the appropriate fees in the court every applicant should prepare a petition. Sign the document and submit it to the district judge OR High Court as the case maybe. Step 2: Provide the documents to the court The applicant will be called for a preliminary hearing by the judge. If the petition is admitted, he will set a date for the final hearing in relation to that petition and notify anyone else he deems appropriate of the hearing. Step 3: Granting the certificate The judge will decide the applicant's eligibility to apply for the succession certificate online. Subsequently the applicant will be granted the certificate after completing a detailed hearing from all the involved parties. Step 4: Submitting the bond In order to cover any potential losses resulting from the improper usage of a succession certificate the district judge will demand an applicant to provide one or more sureties. WHAT ARE THE EFFECTS OF A SUCCESSION CERTIFICATE? The holder of a Succession Certificate:  Has a claim over the property and assets of the deceased person.  Has the authority to represent the deceased in collecting debts and securities due to the deceased or payable in his name.  Inherits the debts and other liabilities of the deceased person. SUCCESSION CERTIFICATE COURT FEES – The cost of obtaining Succession Certificate depends on the following factors- Succession Certificate court fees will be 5% of the total market value of the assets you are claiming or maximum – Rs. 75, 000/-. There is the capping of Rs. 75, 000/-. In any situation if the assets you are claiming under Succession Certificate is having value more than 5 Crores, you have to pay only maximum court fee for Succession Certificate i.e., Rs. 75, 000/- not 5% of the 5 crores. HOW MUCH DOES IT COST FOR SUCCESSION CERTIFICATE Court fee - 5% of the market value of the Assets or maximum Rs. 75000/-. Advocate’s fees may vary from Rs. 80000/- to 2% to 3% of the value of the asset depending on the standing of the Advocate. HOW LONG DOES IT TAKE TO GET A SUCCESSION CERTIFICATE: Generally, it takes 6 to 8 months to get a Succession Certificate. In case of objections raised in respect of documents produced for Succession Certificate, it may take more than 6 months. WHY US: We have the requisite experience and expertise when it comes to Succession certificates. After gathering all the necessary paperwork our attorneys will complete the application for a Succession Certificate. An opportunity will be provided to hear the person who, in the district judge's/ High Court’s opinion, should be heard if the district court/High Court is pleased with the petition's preparation. After hearing from all sides, the judge will decide whether or not to grant the succession certificate to the petitioner. After that, the judge would make a decision approving the certificate. Through this process We will always stand by!

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2024-10-28T04:25:37
Advocate Satish S Rao
WHAT IS A WILL?A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.As per Section 2(h) of Indian Succession Act, 1925 provides that Will means the legal declaration of the intention of a person with respect to his property, which he desires to take effect after his death Will has been defined in Corpus Juris Secundum as A ‘Will’ is the legal declaration of a man’s intention, which he wills to be performed after his death, or an instrument by which a person makes a disposition of his property to take effect after his death.WHY DO YOU NEED A WILL?Four reasons why you need a will: A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful. If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.  A will can help reduce the amount of Tax that might be payable on the value of the property and money you leave behind.  Writing a will is especially important if you have children or other family, who depend on you financially, or if you want to leave something to people outside your immediate family.
WHAT IS A WILL? A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executo...
2024-10-28T04:25:37 read more
2024-10-28T04:21:28
Advocate Satish S Rao
IS PROBATE MANDATORY :A probate is mandatory only if the Will or codicil has been made in any of the three Presidency towns i.e., Kolkata, and the municipal limits of metro cities of Chennai and Mumbai, or, if the immovable property is situated therein. Else, a probate is optional. However, there is no restriction in law to get a probate of a Will, even if it is not mandatory.THE PROCESS TO GET PROBATE OF A WILL :1. As a first step, the administrator or executor appointed by the testator under the Will must approach the court with the application to receive the probate. While it is a common practice to appoint friends and family as the executors of the Will, as people may naturally trust them more, but there have been an increase in professional executorship, where a trained professional may take care of the administrative difficulties of getting a probate. However, in the absence of the executor being named in the Will, the legatees or the beneficiaries under the Will could also seek probate of the Will.2. In the application for a probate, the executors need to establish the following:a. Facts of death of the testator with proof, which is generally done with the help of a death certificate issued by the local authorities. b. The Will produced before the court is the last Will of the testator. c. The submitted Will was validly executed by the testator. 3. Once the application is submitted to the court, the court issues the notice to the next of kin to file their consent for the grant of probate, and the public at large to file objections to the grant of probate in favour of the executor named in the Will. 4. If objections are filed – called as “caveat application” – against the validity of the Will and grant of probate, both parties have to lead evidence for and against the grant of probate, and the case is decided accordingly. 5. There could also arise grounds challenging the validity of Will or grant of probate. The common grounds for challenging a Will are fraud, coercion, undue influence, suspicious nature, lack of due execution, lack of testamentary intention, lack of testamentary capacity, lack of knowledge, and forgery. 6. Since the probate is granted by a high court, one has to pay a court fee, based on the value of the assets, which are subject matter of the petition. The court fee varies from state to state. In the state of Maharashtra, depending on the slabs, it is subject to a maximum of Rs. 75, 000 while in Chennai, the maximum slab is Rs. 25, 000. If it is found that granting the probate would do justice to the intention of the testator, then the probate is granted to the executor under the seal of the competent court. This ensures the due execution of the Will, which to a great extent reduces the discrepancies and suspicions associated with a Will. A probate cannot be granted to any person who is a minor or is of unsound mind, nor to any association of individuals.FEES / COST OF PROBATE OF A WILL?:For probate of will in Maharashtra you have to pay 5 percent of the assets which are claimed in WILL, as court fees for probate of will in Mumbai. Probate fees in Mumbai and rest of Maharashtra is same. However, the said fees are also subject to a ceiling of Rs. 75, 000/-.legal charges will be Rs50, 000 to Rs1. 50 lakhs depending upon the advocate and complications involved in your probate work.WHAT IS THE TIME LIMIT FOR PROBATE OF A WILL?Typically, there is no time limit to probate a will. However, in one case, the SC has stated that 30 years from knowledge of existence will. A probate for a will is required to be obtained only under circumstances ... limits, in so far as they relate to immovable property situate within those limits.
IS PROBATE MANDATORY : A probate is mandatory only if the Will or codicil has been made in any of the three Presidency towns i.e., Kolkata, and the municipal limits of metro cities of Chennai and Mumbai, or, if...
2024-10-28T04:21:28 read more
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