Distribution of property in case of death
ARPIT AGARWAL
(Querist) 19 May 2013
This query is : Resolved
My grandfather and grandmother died recently without making any will. The remaining movable and immovable property is to be distributed between three childs. So kindly tell me will the property be distributed between the three childs equally or in any other proportion. And also who is liable to claim the property and money. Is there is any right of the senior childs to only claim it individually.
R.K Nanda
(Expert) 19 May 2013
each has 1/3 share in all properties.
ARPIT AGARWAL
(Querist) 19 May 2013
THANKS FOR YOUR REPLY SIR.. I HAVE ONE MORE QUESTION, IN THE ABOVE CASE WE HAVE TO APPROACH THE COURT FOR SUCCESSION CERTIFICATE OR ELSE THERE IS ANY ANOTHER WAY FOR REALISATION OF THE PROPERTY.
Raj Kumar Makkad
(Expert) 19 May 2013
There is no requirement of the succession certificate if every party is ready to mutually distribute the properties as per law. The immovable properties can be got distributed even without documentation and so far as agricultural land is concerned, you all jointly have to move an application for change of ownership enclosing death certificates of deceased owners to the local revenue officer.
If there is immovable property within the municipality area then the change of the ownership shall also be done in the same way to Secretary Municipal committee.
ARPIT AGARWAL
(Querist) 19 May 2013
SIR IF THERE IS MONEY IN THE FORM OF BANK BALANCE, FDR'S, PPF, POST OFFICE DEPOSITS ETC. THEN IN SUCH CASES ALSO SUCCESSION IS NOT REQUIRED. HOWEVER IF NOMINATION IS NOT AVAILABLE IN THE ABOVE CASES, THEN HOW WE CAN WITHDRAW MONEY FROM THE ABOVE INVESTMENT SOURCES. FOR INSTANCE IF NONE OF THE FDR'S HAVE NOMINATION REGISTERED ,THEN TO WHOM BANK WILL GIVE MONEY AND WHO CAN LIABLE TO CLAIM IT.
R.K Nanda
(Expert) 19 May 2013
contact concerned bank officials.
ajay sethi
(Expert) 19 May 2013
it would depend upon the amount involved in FDR , bank balances etc .legal heirs can make an application furnish letter of indemnity in favour of bank . if amount involved is substantail bank may insist on succession certifcate
ajay sethi
(Expert) 19 May 2013
Reserve Bank of India vide circular No. DBOD.No.Leg.BC.95 /09.07.005/2004-05 dated 9th June, 2005 have issued detailed guidelines for evolving simplified procedure for settlement of claims in respect of deceased depositors. This model operational procedure incorporates the guidelines contained in the RBI circular. Besides, this model operational procedure will be applicable to settlement of claims falling within the threshold limit for such cases having no nominee or survivorship clause (member banks to determine the threshold limit keeping in view their risk management systems). Settlement of claims in such cases within the threshold limit will be settled against indemnity to be furnished by legal heir(s) of the deceased depositor as may be applicable to specific claims.
Savings Account/Current Account
Without Nomination:
The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all the legal heirs) on verification of the authority of the legal heirs and proof of death of depositor
Term Deposit Account
Without Nomination:
The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all the legal heirs) on verification of the authority of the legal heirs and proof of death of depositor on maturity of deposit
Raj Kumar Makkad
(Expert) 19 May 2013
Verification and mutual consent of the legal heirs supported with their duly sworn affidavits and indemnity bond is the basic requirement of the bankers while releasing the amount retained there either in the shape of FDRs or cash. Better to consult bank officials and meet out their demand of documents.
R.V.RAO
(Expert) 27 February 2014
IN ORDER THAT THE BANK MAY IDENTIFY THE CORRECT LEGAL HEIRS (AND ALSO AVOID FUTURE LEGAL HEIRS PROBLEMS IF ANY), SUCCESSION CERT.IS NECESSARY BESIDES DEATH CERT.,AFFIDAVITS AND INDEMNITY BONDS,TO BE SUBMITTED BY LEGAL HEIRS.(IN THE ABSENCE OF WILL)
HAD THERE BEEN A WILL BY THE DECEASED,PROBATE FROM COMPETENT COURT IS NECESSARY.
Guest
(Expert) 10 December 2014
Well Advised by Experts
