Do we need succession certificate

HR Consultant

Please advise/ suggest.

A person expires leaving an Individual nominated a/c. After some time nominated person expires too. Do we need succession for remaining legal hiers.

 
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Advocate,9444674980

Yes it is needed to get movable assets.

 
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Advocate

In some places, like Banks and insurance companies, if the amount is less than 5 lakhs, they do away with the succession certificate on the basis of indemnity bonds, check up with the authorities.

 
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