Difference Between Probate and Succession :-
Probate :-
The Indian Succession Act, 1925 probate is official proof of a will. Probate is a legal process that takes place after someone dies. Probate is the process of dealing with the estate of someone who has died.When a person dies, somebody has to deal with their estate, which means distributing their assets in accordance with their will. This involves organizing their money, assets and possessions and distributing them as inheritance – after paying any taxes and debts. Mostly probate is paperwork.
If the deceased person left a WILL, it will name someone that they have chosen to administer their estate. This person is known as the executor of the will.The granting probate is the legal process of administering the estate of a deceased person and resolving all claims and distributing the deceased person’s property under a will.
It includes :-
1. Identifying the deceased person’s property.
2. Inventorying the deceased person’s property.
3. Proving in court that a deceased person’s will is valid.
4. How to distribute remaining property as the will.
5. Organizing their money, jewelry and assets and distributing them as inheritance after paying any taxes and debts.
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Document Required for Probate :-
● Original will of the deceased.
● Death certificate.
● Title deeds pertaining to the immovable property in the will.
● Fee
● Documents of the movable mentioned in the will.
Succession Certificate :-
When a person dies without making a WILL or any testamentary document, then in that case, Succession Certificate comes into play for dealing with the movable estate like FDRs, bank accounts, demat account, PPF etc. of the deceased. A succession certificate can be granted by the court to realise the debts of the deceased.
When a person visit financial institutions like bank and companies to gain the possession of inherit debts and securities occupied by the deceased then he or she to prove that him/himself as the legal heir of the deceased. The Hindu Succession Act 1956 is the applicable law governing succession and the procedure is applied as given in Indian Succession Act 1925.
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Many people think that if the succession certificate is obtained then the person is becomes the owner of the deceased person’s properties, but which is not true. A succession certificate allows the person to act exactly similar to how a nominee would act. It gives authority to the holder the distributing deceased person’s assets.
It includes :-
1. The details of the property of the deceased.
2. The complete address of the deceased at such time of death.
3. The family or other near relatives of the deceased person with their respective residences.
4. Debts and securities for which the certificate is applied.
5. he rights of the petitioner.
Document Required for Probate :-
● Details of debts and securities for which the certificate is applied.
● Court fee.
● Names of family members.
● No objections certificate from family members.
● Documents of the movable mentioned in the will.
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