What is the difference between probate & succession?
If someone owns the Property, they can choose what happens after they pass away by creating a Will while alive. This is called 'Testamentary Succession,' and it goes into effect when the person dies.
But if they don't create a Will, it's called dying 'intestate.' In this case, the Indian Succession Act 1925 and the Hindu Succession Act 1956 come into play, and the Property is transferred through 'Intestate Succession'.
According to Indian Law, Property can't be ownerless.
As soon as the shareholder dies, the Property is transferred to the person mentioned in the Will or to the legal heirs in the absence of the Will.
The Property can be transferred in two different ways:
- Either by Probate of Will
- Or by Succession Certificate.
So, let's first understand What is Probate of Will.
As a shareholder, you can ease the burden on the court by creating a Will, ensuring that your succession plan is in the hands of your Will, not the court's.
When someone who made a Will passes away, their succession plan is carried out according to that Will.
A 'probate,' defined by Section 2(f) of the Indian Succession Act, 1925, is a certified copy of a Will with a seal from a court of competent jurisdiction.
It's a legal process that validates a Will and determines in a court of law who the executor (the person named in the Will), the beneficiaries, and the value of the assets in the Will are."
What is a Succession Certificate?
A Succession Certificate is an official document issued by the court to someone who files a petition and various documents.
These documents typically include the original death certificate of the deceased, evidence of their financial assets, and an affidavit. Additionally, the legal heirs must provide proof of their relationship with the deceased in court.
With a succession certificate, the legal heirs gain the right to inherit the debts and assets of the deceased if they pass away without a will.
So, if someone asks: Is a succession certificate required if there is a will? The answer will be no.
What is the difference between probate of will and succession certificate?
Probate is relevant when the testator leaves a will before their death. Conversely, a Succession Certificate is necessary when the testator dies intestate, meaning they didn't leave a will behind.
Conclusion
Probate of Will and Succession Certificate are two different things. The ambit of succession certificates is very limited when compared to Will.
To get more information about the succession certificate, you can reach us.