Q. What is meant by succession certificate? A. This certificate is issued by a court of competent jurisdiction, which establishes the ownership of the legal heirs regarding movable assets i.e. deposits in the banks, shares, certificates and bonds, stocks, insurance amount etc. issued by the government or the financial institutions etc. Q. Is Succession Act, 1925 applicable to whole of Islamic Republic of Pakistan? A. Yes, Succession Act, 1925 is applicable to whole of Pakistan. Q. What are the legal requirements to obtain succession certificate in Pakistan? A. You need certified death certificate of the deceased along with detail of subject assets, computer national identity card of the legal heirs filing the application and to furnish requisite surety. Q. Is security bond is required by the court before issuance of succession certificate? A. Yes, before the issuance of succession certificate security bond is required to be submitted to the satisfaction of the court by the legal heirs. Q. What procedure should legal heir/s adopt to get possession of money in the bank of deceased in Pakistan? A. For getting possession of money in the bank, shares, insurance amount, stocks, bonds etc, a succession certificate is required under Succession Act, 1925
Posted on: Sun, 06 Oct 2013 11:08:50 +0000
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