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Here's why succession certificate is important to claim financial assets

The process may take almost a year but is useful when negotiating with banks and debtors

Priya Nair 

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. For immovable property like land or jewellery, one has to produce the letter of administration in support of his or her claim. For instance, if the deceased had lent ...

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First Published: Fri, April 07 2017. 09:49 IST
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