What is a succession certificate?
Procedure of transfer of immoveable property after death of Parents to legal heirs is called the inheritance certificate, or Declaration of legal heirs.Here is the Link for the Complete Procedure. https://hamzaandhamza.com/how-to-transfer-property-after-death-in-pakistan/
For the Movable Assets a succession certificate is issued to the successor or successors, as the case may be, of a deceased person in relation to money deposited in bank account, moveable belonging retained in bank locker and other sureties or instruments including bonds, certificates and shares for the purpose to pay off debts of deceased person to creditors or for the purpose of distribution among legal heirs of the deceased predecessor. Succession certificate is granted under the provisions of the Succession Act, 1925, to be issued by District Judge, within jurisdiction of which cause of action accrues that is to say where the deceased person died or his bank account is located or instruments were issued. It is to be noted that only after the grant of succession certificate authenticity of successor is confirmed. Successor or Successors upon the grant of succession certificate can make payment of debts of the deceased person to creditors from the payments and also the transfer of the securities of the deceased person can be made by the certificate holder.
Who issues a succession certificate?
A succession certificate is issued by the District Judge of the relevant jurisdiction. Jurisdiction of the District Judge is where the cause of action accrued. This means that District Judge in a territory will have the power to grant succession certificate in which the deceased person ordinarily resided at the time of his death or if no such place is available, the jurisdiction within which any property belonging to the deceased may be locating or existing.
What are the Properties for which succession certificate can be obtained?
Succession Certificate can be sought for movable items of deceased person and is required when a person dies in order to transfer movable property of deceased person to his/her legal heirs. Movable property for which succession certificate may be sought is as follow:
- Insurance claims
- Money kept in bank account
- Prize bonds
- Stock exchange Shares
- Items lying in bank lockers
- Saving Certificates etc.
What are the documents required to obtain a succession certificate?
Following are the documents that are required for the grant of succession certificate from the District Court:
1. Death certificate of deceased person
2. Statement of Account duly issued by bank reflecting name of deceased person
3. Copy of prize bonds, if any
4. Copy of Saving Certificates, if any
5. Copy of share certificate, if any
6. Proof of ownership of shares in Partnership business or company as the case may be, if any
7. Proof of other documents reflecting the entitlement or ownership of deceased person in relation to movable items detailed above.
What is the procedure to obtain a succession certificate?
The legal procedure to obtain the succession certificate is detail as below:
Step 1: Applicant seeking to obtain Succession Certificate is required to prepare a petition in prescribed form and manner, duly signed, attested and verified by Oath Commissioner and submit it before the District Judge having jurisdiction to proceed in the matter after fulfilling the formal requirement.
Step 2: District Judge shall proceed and adjudicate the matter in the same manner as a civil suit and fix a day for hearing in the petition and serve notices upon the relevant parties to make representation on the said date.
Step 3: Upon hearing the parties, court shall fix a date for evidence to be recorded and shall consequently proceed to decide the matter and shall make orders for grant of succession certificate.
Step 4: After the order is made on the petition, applicant is required to provide security in shape of bond for the amount as the court may deem fit, to protect the right of any person that may be affected by issuance, use or misuse of the certificate.
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