We Love Financial Planning
  • Home
    • Rohit Shah's Corner
    • CSR >
      • Wealth Shiksha
  • Services
    • Financial Planning >
      • What we do
      • How we do
      • Why Us
    • Rate Card
    • Kids & Money
    • Employee Financial Wellness
    • Mutual Fund Advice
    • Disclaimer & Disclosure
  • Get Started
  • Blog
    • Resource Guide
    • Beyond Money
  • FREE
    • FREE Sample Plan
    • FREE eBooks
    • Videos
    • Calculators >
      • Retirement Planning Calculator
      • Life Insurance Planning Calculator
      • Goal Planning Calculator
      • Future Value Calculator
    • Templates
    • Infographics
  • Media
    • Quotes
    • Coverage & Interviews
    • Articles
    • Q&A
  • Gallery
    • Events
    • Testimonials >
      • Testimonials - Financial Planning
      • Testimonials - Blog & Media Articles
      • Testimonials - Seminars
    • Photos
    • Our Ads
  • Contact

Yours truly

This is our Blog on Personal Finance. We will attempt to be analytical as well as educative. We will tell you what we like and what we don't. We will tell you what we do with our money and what we tell you is what we will follow for us. Tell us what you like to see.

Free Resources

Important Documents to claim assets after your loved one’s death

23/11/2013

2 Comments

 
Picture
The process of claiming assets on the death of your loved ones becomes lengthy and complicated in the absence of nomination or a Will. Hence it is always better to prioritize Estate Planning, as this will save a lot of trouble for your loved ones. When your loved one passes away and you wish to claim the assets as a legal heir, you will need a few important documents in place. Death Certificate, Claim Application Form, Probate of Will and Succession Certificate are a few such documents.
Dealing with the death of your loved one is extremely painful. In addition to the emotional stress, there could be financial stress as well. This worsens if you realise you will have to find legal battles to get what your loved one left behind for you. Estate Planning is an often ignored concept of Financial Planning, and as a result, the legal heirs end up going through a lot of legal hassles to claim the assets. Bank accounts, insurance policies, shares and mutual funds, valuables in bank lockers, real estate and provident funds are a few assets which will need to be claimed. Not mentioning the nominee’s name or not having a proper Will in place can cause significant problems to the legal heirs, as banks and other institutions require proof that you are the rightful owner of the assets after your loved one’s death. Here are some important documents you need to have when you claim the assets of your loved one after his/her death:
financial planning, personal finance, smitha hari, estate planning, Will, documents to claim assets, claiming assets after death, succession certificate, probate of will, death certificate
Death Certificate
A death certificate is the basic document one needs to have to prove the death of the person. This can be obtained from the Municipal Corporation or the Gram Panchayat, as the case may be, after verifying that the person in question is really dead. A death certificate states the date and time of death. This document is very important for all institutions and should be produced even if the nominee is named or a Will is present. The procedure of obtaining the death certificate changes depending on the circumstances of the death, and you must take steps to obtain the death certificate as soon as the death occurs. Please click here to read more and understand the process. 

Probate of Will
Having a proper, registered Will in place is of utmost importance in today’s world. Please click here to read more about Will, how you write it and to understand its importance. However, many people still shy away from writing a Will. Sometimes, even though a Will is in place, it is not registered, leading to chances of fraud. When a Will is not registered, you will even find two or three versions of it, often leading to confusion as to which is the original one. In such cases, you will need a Probate of Will which can be obtained from the Court. This document will have the seal of the court and certifies that the Will is authentic. You will need to take the help of a lawyer, pay the required fees and wait for a considerable amount of time to get the Probate of Will. 
Claim Form
A claim form is provided by the institution from which you are making the claim of assets, and will have to be submitted when you make the claim. You will need to fill in various details of the assets to be claimed, along with the details of the deceased and your relationship with the deceased. Each institution will have its own claim application form.


Succession Certificate
In many cases, there is no nomination on the assets and no Will as well. Even though you are the legal heir, there may not be any legal proof of this. In such a case, you will need to produce a Succession Certificate to claim the assets. A Succession certificate is obtained from the Court, which proves that you are a legal heir. To determine from where you must obtain the succession certificate, you must ascertain the jurisdiction under which the particular asset/institution from which you are claiming the asset falls, and accordingly approach the concerned district or high court. You must take the help of a lawyer, file a petition for the Succession Certificate and pay the required fees. Thereafter, the court advertises in the newspaper and waits to see if there are objections regarding the claim. If there is no objection, the succession certificate is granted to the claimant, which can then be used to claim the assets.
While the above is an original article written by us, we are inspired by a related article on JagoInvestor.com
2 Comments
Santanu link
28/5/2016 03:57:59 pm

Thanks for sharing this useful guide. This is one of the tough time of life and one have to know how to handle things during this time.

Reply
Amit Agarwal link
1/6/2016 06:47:27 pm

Hi Santanu,

Thank You. We appreciate your valuable feedback.

Regards,
Amit Agarwal,
Getting You Rich.

Reply



Leave a Reply.


    Archives

    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012


    ​Categories

    All
    10 Insurance Terms You Should Know
    2018
    4 Cognitive Biases That Affect Everyday Finance
    5 Apps To Manage Your Expenses
    5 Ratios To Understand Your True Financial Health
    5 Ways To Get The Best From Your Financial Advisor
    6 Financial Moves That You Will Regret In Retirement
    6 Personal Finance Mistakes To Avoid In 2018
    6 Steps To Take When Your Spouse Is Your Business Partner
    7.75% Savings (Taxable) Bonds
    9 Income Tax Deductions To Reduce Tax Payable
    Abroad Study
    Abroad Transition
    Accounting
    Active Versus Passive Investing In Mutual Funds
    All About Exchange Traded Funds
    All About The Online EPF Passbook Facility
    All About UMANG
    All About Virtual Cards
    Anchoring
    Apollo Munich Dengue Care Plan
    Are Robo Advisors The Way To Go
    Asset Allocation
    Assignment Of Insurance Policies
    Ayush
    Ayush Bhargava
    Banking
    Behavioural Biases Affecting Investment Decisions And Their Fixes
    Behavioural Biases Affecting Investment Decisions And Their Fixes II
    Behavioural Finance
    Benefits Available For Super Senior Citizens
    Bonds
    Bonus
    Book Review
    Book Review -Make Your Kid A Money Genius -Beth Kobliner
    Book Review - The Halo Effect
    Book Review – Why Smart People Make Big Money Mistakes
    Books And Personal Finance
    Budget
    Business
    Can We Reduce The Impact Of LTCG On Our Investments
    Capital Gains
    Career
    Changes In NPS In December 2018
    Change Your Financial Behaviour Reading These Books
    CIBIL Score
    Coffee Can Portfolio
    Commodities
    Commute Better - Reduce The Impact Of Rising Fuel Prices
    Confirmation Bias
    Contingency Fund
    Credit Card
    Credit Health
    Currency
    Cybercrime Insurance For Individuals
    Cybersecurity And Digital Payments
    Debit Card
    Debt Fund
    Dematerialisation
    Did Your Home Loan Application Get Rejected
    Direct Equity
    Doctor
    Do You Have Action Bias
    Do You Know About Cyber Insurance Policies
    Education
    EKYC
    Emi
    Entrepreneurship
    EPF
    Estate Planning
    Family Office
    Fanancial Literacy
    Festival Loan
    Festival Tips
    Finance For Sme's
    Financial Checklist For 2018
    Financial Inclusion
    Financial Journey
    Financial Lessons
    Financial Literacy
    Financial Planning
    Financial Year
    Fixed Income
    Forex Reserves
    Four Books To Motivate You To Get Rich
    Getting Rich
    Gifting
    Gold
    Gold Monetisation Scheme
    Gold Schemes
    Greece Crisis
    Grievances
    GST
    Guest Post
    Have You Linked Your PAN And Aadhaar
    Have You Made Your Personal Finance Resolutions For 2019
    Headwinds & Tailwinds
    Health
    Health Insurance
    Health Insurance For Medical Treatment Abroad
    Herd Mentality
    Highlights Of The Union Budget 2017
    Hindsighrt Bias
    Home Loan
    House Rent
    How Can I Avoid Planning Fallacy
    How To Decide On The Best Car Insurance Policy
    How To E-sign Documents
    How To Handle A Financial Crisis
    How To Select A Liquid Mutual Fund For My Portfolio
    Humor
    I Lost My Job. What Can I Do Now
    Improve Your Financial Life With Minimalism
    Income Tax
    Increasing Term Insurance Plan
    Inspiring Stories
    Insurance
    Insurance Plans For Maternity
    Insurance Plans For The Disabled
    Insure Your Gadgets
    Interest Saving Home Loan Schemes
    International Holiday
    Investing In MFs Is Different From Financial Planning
    Investment
    Investor Visa
    I Travel A Lot. Which Credit Card Should I Get
    I Want To Know About Bitcoin
    I Want To Know More About Delisting Of Shares
    Kunjal
    KYC
    LIC Cancer Care Insurance Policy
    LIC Jeevan Utkarsh Plan 846
    Life Insurance
    Link Aadhaar To MF
    Liquid
    Liquidity
    Loan
    Low Income Group
    Magic Of Compounding
    Make The Best Use Of SWPs
    Maximise Benefits From MF SIPs
    Mental Accounting
    Mf
    Modicare 2018
    Money
    Money And Kids
    Money And Movies
    Monkey Business Illusion
    Monte Carlo Simulation
    Mutual Fund
    New Benchmark For MFs - TRI
    Niramaya – Insurance For PwDs
    NPS
    Nri
    NSE'S INVESTMENT FACILITY
    NTPC Bond
    Online Shopping
    Overconfidence
    Payment Bank
    Paytm's New Product - Digital Gold
    Permanent Exclusions In Health Insurance Policies
    Personal Finance
    Personal-finance
    Personal Finance Emergencies
    Personal Learning
    PF
    PPF
    Prathiba
    Quotes-on-money
    Real Estate
    Real-estate
    Recent SEBI Guidelines For The MF Industry
    Regulations
    REITs And InvITs
    Residential Status
    Retirement
    Retirement Planning
    Returns
    Review - HDFC Click2Protect 3D Plus Term Plan
    Review Of E-commerce Co-branded Credit Cards
    Review Of SBI Arogya Premier Policy
    Risk Management
    Rohit
    Rti
    Saving
    SBI Life Poorna Suraksha Term Insurance Plan – Is It Suitable For Me
    Security
    Senior Citizens
    Shares
    Shopping Tips
    Should I Buy Motilal Oswal's Me-Gold Plan
    Should I Go For Wedding Insurance
    Should I Invest In The Sovereign Gold Bonds Issue – Series II
    Should You Go For MF Schemes That Offer Insurance
    Single Mom
    Singles
    Six Things To Do Before Filing Your IT Returns
    Small Business
    Smb
    Smitha
    Spend Money
    Sports
    Stock Market
    SWOT Analysis
    Taxation
    Tax Saving
    TDS
    The $81 Million Heist
    The Science Of Getting Rich
    Transfer EPF Automatically
    Travel
    Unified Payments Interface
    Union Budget
    UTI MF Schemes For The Elderly
    Vacation
    Vidya
    Vidya Kumar
    Wealth
    What
    What Are Alternative Investment Funds
    What Can One Do For Sudden Short Term Cash Loans
    What Do The Rich Do Differently From The Not So Rich
    What Is Availability Bias
    What Is Equity Risk Premium
    What Is My Liability In Case Of Fraudulent Transactions In My Account
    What Is SBI Bandhan SWP
    What Should I Do In The New Financial Year Twitter Quote – Resolutions..This Time For The New Financial Year
    What Should I Know About Income Tax Refund
    When And Why Of Debt Mutual Funds
    Women
    Working From Home

    RSS Feed

    External Sites

    FPGI
    Value Research Online
    MoneyLife
    Business Today
    Outlook Money
    Rich Dad
    Rediff
    Moneycontrol
    Value Investing
    AFLPI
    The devil is in details and details are in Excel sheet and the Excel sheet is here as we love the details and the excel sheet and wish to help you protect against the devil
Follow @gettingyourich
  • Home
    • Rohit Shah's Corner
    • CSR >
      • Wealth Shiksha
  • Services
    • Financial Planning >
      • What we do
      • How we do
      • Why Us
    • Rate Card
    • Kids & Money
    • Employee Financial Wellness
    • Mutual Fund Advice
    • Disclaimer & Disclosure
  • Get Started
  • Blog
    • Resource Guide
    • Beyond Money
  • FREE
    • FREE Sample Plan
    • FREE eBooks
    • Videos
    • Calculators >
      • Retirement Planning Calculator
      • Life Insurance Planning Calculator
      • Goal Planning Calculator
      • Future Value Calculator
    • Templates
    • Infographics
  • Media
    • Quotes
    • Coverage & Interviews
    • Articles
    • Q&A
  • Gallery
    • Events
    • Testimonials >
      • Testimonials - Financial Planning
      • Testimonials - Blog & Media Articles
      • Testimonials - Seminars
    • Photos
    • Our Ads
  • Contact