Understanding the Importance of Succession Certificates for NRIs: Managing Deceased Estates in India

A Succession Certificate is an essential legal document that empowers Non-Resident Indians (NRIs) and OCI holders to manage and claim the assets of a deceased relative in India. It provides the necessary authority to settle the deceased’s estate, particularly when dealing with movable assets.

Assets Covered by a Succession Certificate

1. Bank Accounts
   • Access and manage funds from the deceased’s bank accounts, ensuring proper legal transfer.
2. Mutual Funds
   • Handle and transfer investments in mutual funds to the rightful heirs.
3. Insurance Policies
   • Claim benefits and settlements from the deceased’s life or general insurance policies.
4. Securities
   • Manage investments such as bonds, shares, and debentures of the deceased.
5. Other Movable Assets
   • Handle various movable assets, including fixed deposits and recurring deposits.

Importance for NRIs and OCI Holders

• Legal Authorization: The certificate acts as proof of authority to interact with banks, financial institutions, and courts for transferring or claiming assets.
• Ease of Asset Settlement: It simplifies the legal process for NRIs and OCI holders managing inheritance in India.
• Mandatory Requirement: Many institutions require a succession certificate before processing any claims or transfers related to the deceased’s assets.

Also Read: What happens in case of inadequate inheritance planning?