What to do if there is no Last Will?
Your relative just succumbed to injuries sustained in an accident and they left behind 2 minor children? Don’t know what to do now with their assets? And how about their children?
Well, here are few things you might want to do.
Get a Succession Certificate: According to the Indian Succession Act, if a person dies intestate the relatives/heirs can obtain a Succession Certificate from a magistrate or the high court. Usually, courts have a separate cell that issues succession certificates.
Look for Nominations: Generally, for the bank accounts, there is a nominee mentioned. One can check for such nominations. The bank balances and investments then are entrusted to the nominee.
Neither nominations nor a Will? Well, the way out for this is getting a certified Death Certificate to access the Bank Account. The bank authorities will then check for any mentioned beneficiaries for the account. In case this is not mentioned then the distribution is done in accordance with the Indian Succession Laws.
For Transfer of Shares, the transmission formalities for all securities held in a demat account can be completed by submitting necessary documents to the depositary participant (DP). The DP also needs to be given a notarized copy of the Death Certificate along with the Transmission Request Form.
What about the Children?: If there are children of the deceased and there is no Will, then the minor child can file a petition in court through a Guardian (appointed by the court). Since minors are legally incapable of handling property, a guardian is appointed from among their relatives to manage the property.