In our Country, individuals are unaware about the format in which they may transfer their property to their young ones or persons of their choice who are capable of looking after their estate. In India, it is done in the following ways:
• Succession with a Will also known as Testamentary succession
• Succession without a will also known as Intestate succession
The Wills in India are governed under a set of laws, being religion specific, example Hindu Succession Act, The Muslim Personal Law (Shariat) Application Act, 1937, Indian Succession Act, etc.
A will is a declaration expressing the desires of a person with regard to his estate and provides for its transfer upon his death.
• A shall ordinarily contain the following:
• The time the testator died
• Declaration that it is the last will
• A statement that the will was duly executed
• Value of the assets likely to be inherited; and
• A statement that the executor making the application is named in the will.
In the event a person dies intestate, its assets are distributed as per the mandate of the Indian Succession Act. The vesting of the assets takes place under the relevant personal laws.
Letter of administration is an instrument granted by a competent court in order to distribute the assets of the deceased among his heirs. They can be acquired by filing a petition in a district or high court.
Succession certificate, on the other hand, is issued to a person claiming the authority to inherit debts and any other movable assets. A succession certificate sets forth who the legal heirs of the deceased are. Obtaining a succession certificate gives the person concerned only the right to distribute the assets of the deceased under the relevant personal laws.The same is done by filing a probate petition in the Court of Law.
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