Wednesday, April 4, 2012

What Is a Succession Document for the Deceased?


Indian Law






A will determines the disposition of assets to heirs, but many individuals pass away without a will in place prior to death. When a person dies without a will in the country of India, the administrator, or person representing the estate of the deceased, will obtain a succession document, also called a succession certificate, which states the deceased's assets, securities, such as stocks and bonds, and debentures, or promissory notes of debt. Under the Indian Succession Act, this document gives authority to the administrator to distribute the deceased's assets and pay the deceased's outstanding debt obligations.



Considerations






To obtain a succession document, the administrator of the deceased's estate must submit an application for it to an Indian magistrate or high court. The courts generally have a separate cell, or department, that issues succession documents, according to "The Economic Times." This application is made to the court where the deceased person resided or where the property of the deceased is situated. Mandatory notice of the proceeding is given to all heirs, or respondents, and a notice is placed in the newspaper as well.











Time Frame






How long it takes the court to issue the succession document varies. Once notified, the respondents have the opportunity to object. If objections are levied, these objections must be addressed by the court before a succession document can be issued. If there are no objections, the court must wait the mandatory expiration period, which is 1.5 months following publication of the notice in the newspaper. After this time frame, the court issues the succession document to the requester. In total, it takes about 3 to 4 months from the date of filing for the court to issue the document.



Religion






Inheritance laws, or laws of succession, and how the assets of the deceased are dispersed in India are influenced by the religion of the deceased and his family. For a Hindu male, for example, males and females heirs share equally in distribution of assets and the wife and mother both receive equal shares. On the other hand, for Muslim males, at least two-thirds of the estate must be divided among the family and male heirs. Sons receive twice as much in inheritance as female heirs.




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