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Easy to Understand: Probate of Will and Succession Certificate

August 29, 2021/in Blog /by legal-web-admin

Probate of Will and Succession Certificate, both granted by the competent Courts, are of absolute necessity and recommended, especially in the scenario when a deceased person’s estate needs to be distributed by way of Will or by way of Natural Succession. Probate is granted when the deceased person has left a Will. However, the Succession Certificate is granted in both cases, with or without Will.

Requirement of Probate of Will:

Getting the Will probated after the death of the testator, i.e. the person who has written the Will, should be the foremost step that should be taken by the Executor of the Will as it holds utmost importance under many scenarios. Probate of the Will signifies the authenticity and genuinity of the Will made by the testator during his lifetime. In other words, Probate of Will is only a certificate granted by the Court of competent jurisdiction certifying that the Will of the deceased is genuine and valid. In the Will, an Executor is appointed responsible for probating the Will and then distributing and managing the assets as per the testator’s wishes as mentioned in the Will.

If a person is an NRI or an Indian Expat and dies leaving behind a Will abroad bequeathing his movable assets in India favouring his legal heirs, the said Will has to be probated in the said country where the NRI or the Indian Expat lived before his death. Only after the Probation of his/her Will from the Probate Court, the said Will is applicable in India. The beneficiaries can claim the financial assets based on the Will made abroad. A Will that has not been probated abroad has no legal sanctity in India.

Probate is legitimate evidence of delegate title and holds great sanctity. There are some cases where the testator had made more than one Wills, or one beneficiary does not admit the existence of Will and may challenge its authenticity. In such circumstances, the Executor of the Will is required to apply for Probate of Will to ascertain Will’s validity and vesting rights in favour of beneficiaries named in the Will. Many of the future works such as Mutation i.e. name of change in the records of the concerned authority, etc. requires getting the Will probated.

Requirement of Succession Certificate:

The Petition for Grant of Succession Certificate can be filed in both cases, with or without the Will. When a person dies intestate, i.e. without making any Will, his legal representatives have to approach the Competent Court for claiming the financial/ movable assets left by the deceased. In simple words, legal heirs can establish a claim over financial/ movable assets like bank deposits, Fixed Deposits, Provident Funds, equity shares, loans, insurance policies or LIC or any other security after obtaining the Succession Certificate from the competent court. The Succession Certificate acts as an assurance of title that helps recover assets and debts due toward the person who is no more and accordingly shields the deceased moneylender from the financial loss.

The individual in whose favour the Succession Certificate is granted can get interest or profits on the movable properties and also receives the right to deal with the same in any manner. The Succession Certificate also implies that its holder now has complete hold over the movable assets of the deceased.

The Succession Certificate is an essential proof of title/ authority, when a person doesn’t make a will, and he/she pass away. Through a succession certificate, the successors of that person can claim their right on the financial/ movable assets.

As far as the jurisdiction is concerned, the District Judge is empowered to grant the Succession Certificate under whose jurisdiction the person who expired had ordinarily resided. In the absence of permanent residence of the deceased, the Succession Certificate can be filed in the jurisdiction of the District Judge where any property belonging to the deceased may be found.

In the Succession certificate, information regarding the person’s death, his/ her surviving representatives who are entitled to claim the movable assets, list of securities, debt, and assets are mentioned. This connotes that the Certificate holder has acquired legitimate authority over the movable assets of the deceased. The Succession certificate is valid and applicable throughout the country. The Court should duly stamp the Certificate for its use and applicability.

LEGAL ASSIST is a premier global legal management firm and India’s leading legal firm in the field of Inheritance, probate of Will and Succession. During these hard times of Covid-19 where many of us have lost loved ones, the team of Legal Assist steps forward to provide a range of services to resolve property issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property. Feel free to reach us any time!

Debt Recovery in India: The Legal Framework

August 20, 2021/in Blog /by legal-web-admin

When debt cannot be recovered, it turns into bad debt. Normally, in “Debt Collection” the creditor tries to recover consumer credit and loans/ receivables that have not been paid back and in “Debt Recovery” the creditor hires a third party to recover such debt/ receivables when it goes unpaid for a substantially longer time period. Many times there is a security given by the borrower to the creditor, however when that security becomes unusable to pay back the complete debt, recovery becomes important.

There are various legal as well as non-legal methods to recover a debt/ receivable. The non-legal ways include personal contact with the borrower or sending agents to recover the money, etc.

The legal ways include:

1) Civil Remedy: A civil suit can be filed in any Court which has the appropriate jurisdiction by any aggrieved party against the defaulter party.

2) Criminal Remedy: FIR can be lodged in the local police station that can take cognizance of the matter in serious cases. After this, a criminal case can be filed to carry on the legal proceedings.

3) Arbitration, Mediation, and Conciliation: These are efficient and quick ways to amicably resolve recovery disputes outside the Court but within the legal framework.

The laws that govern the debt recovery in India are:

1) Indian Contract Act 1872: Dishonoring of contract represents the majority of debt recovery cases in India. Section 17, 18, 124, 126 and 73 can be invoked for varied reasons like misrepresentation, fraud, compensation for breach of contract, etc.

2) The Indian Penal Code: Criminal breach of trust under section 405 and 406, cheating and dishonest misappropriation of property are some grounds that are available for any aggrieved party to approach the Court under the penal law.

3) RDDBFI Act: If the aggrieved party is a financial institution, bank or even a private finance company, this Act provides for the establishment of various Tribunals to look into debt recovery cases.

4) SARFAESI Act: The Act is enacted with the objective to regulate securitization and reconstruction of financial assets. Establishment of Asset Reconstruction Companies is also one of the unique provisions of this Act.

5) Negotiable Instruments Act: Instances like section 138 for the dishonor of cheques, a legal notice is first issued under this Act and later the proceedings are initiated. These proceedings are criminal in nature.

6) Arbitration Act: When the parties expressly insert an arbitration clause or decide to adopt arbitration as means of resolving the dispute, then in such cases arbitration process can be invoked.

7) Insolvency Act: When the defaulter is a firm, the parties can invoke the insolvency proceedings against the defaulter under this recent Act.

Legal Assist is a premier global debt recovery firm effectively handling accounts of any size, in any stage of delinquency – from a few days to many months across the globe. Our team is at your service, all the time and through all crisis. Trust us to be there to make your businesses easier and smoother and your investments secured.

Guide on Procedure before Sub-Registrar Office for registration of property documents

May 18, 2021/in Blog /by legal-web-admin

Process Flow diagram for Property Deed Registrar in e-Sub Registrar Offices in Delhi

STEPS FOR REGISTRATION

1. Please get your e-stamp paper of correct value prepared by visiting the nearest Stock Holding Corporation of India Ltd.(SHCIL) centre or their Authorised Collection Centre(ACC). The address of nearest SHCIL/ACCs can be checked on the website www.shcilestamp.com .

2. Please take appointment for visit to Sub-Registrar office on website of the Revenue Department (http://revenue.delhi.gov.in) or by approaching the Reception Desk/kiosk at the Sub-Registrar Office.

3. Please visit Reception at the appointed date & time alongwith your Appointment Slip/sms received in you mobile confirming the appointment/ computer generated appointment no. as reference.

4. Please obtain your Swipe Card from Reception to enter Facilitation Center. Loss of Swipe Card may result in denial of access to Sub Registrar office.

5. Please visit the Facilitation Counter in the hall when your token number is displayed on the screen.

6. Please present your documents to Facilitator. Follow strictly the suggestion of Facilitator if certain changes are required in your documents. Upon clearance by Facilitator, please wait for your turn for presentation before Sub-Registrar along with all the parties required to be present.

7. Upon acceptance by Sub-Registrar please proceed to the Biometric Division for finger printing & photographs. Collect your Receipt on completion of registration process.

8. Please exit from the Exit door using your Swipe Card. Drop the Swipe Card at designated place only.

9. Delivery of documents will be between 3 pm to 5 pm at Delivery Counter only.

The COVID-19 Pandemic and the Need of the Hour

May 18, 2021/in Blog /by legal-web-admin

Did you ever think that in the global 21^st century, there would be a time when the whole world would have to fight a war with a tiny virus that hostages the entire universe?

Hope you are staying safe and protected! Whether this war ringing Corona virus persists for a few weeks or holds us under threat for a few months or even for entire life, remember – your assets and investments will stay yours and secured only if you are particular about it, its detailed documents and other aspects.

Therefore, in this crucial time where no one can predict how long life would be and even where many of our known ones have succumbed to this deadly virus, please spend some time going through all your property documents to ensure that they are complete and credible and secured for your future generations.

Meanwhile, even in this crisis, LEGAL ASSIST remains connected and open to all its clients – existing and potential.

As a premier global legal management firm, handling the most crucial and complex property matters we are constantly aware of the responsibility we have towards our esteemed clients including NRI’s across the world.

We have an exceptional record of delivering legal services for issues related to the immovable and moveable assets. Our competent team of vast experienced lawyers is capable of providing consultation to clients. All legal advice is given after complete reviews of all documents. An exceptional communication service network is used to give legal advice to clients.

LEGAL ASSIST team step forward to provide a range of services to resolve issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property.

We would suggest that all the time that you are now getting to be at home should also be used to sort out your personal and official documents. Top most priority has to be your documentation on property.

Do ensure that transfer papers and succession certificate, probate of Will complications are kept into consideration and you are aware of what the procedures are.

Our team is working round the clock and globe, well connected and in sync with each other to resolve all your queries and issues.

Legal Assist– Your trusted legal partner, is at your service, all the time and through all crisis. Trust us to be there to make your life easier and smoother and your assets and investments secured.