Advocates for SUCESSION CERTIFICATE at affordable and reasonable rates in Andheri East WHAT IS A SUCESSION 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 SUCESSION 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 SUCESSION CERTIFICATE AND LEGAL HEIR 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 . SUCESSION CERTIFICATE VIS-A ELIGIBILITY FOR SUCESSION 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 GRANT OF LETTERS OF ADMINISTRATION : 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 SUCESSION: Following documents are required while applying for Sucession 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 LETTER OF ADMINISTRATION : 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. SUCESSION 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 SUCESSION 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 SUCESSION 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.