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What is a Succession Certificate?
Succession Certificate is a certificate granted by Civil Courts in India to the legal heirs of a person dying intestate leaving debts and securities. A person is said to have passed away intestate when he/she does not leave a legal will. A succession certificate entitles the holder to make payment of debt or transfer securities to the holder of certificate without having to ascertain the legal heir entitled to it.
The succession certificate provides indemnity to all persons owing such debts or liable on such securities with regards to all payments made to or dealings had in good faith with a person to whom a certificate as granted. Hence, many organisations and persons request a succession certificate before settling the debts or securities of the deceased in favour of the person claiming such debts or securities. The succession certificate is issued according to the applicable law of inheritance.