Definition
Succession Certificate
A succession certificate is a document issued by a civil court that authorises the legal heirs of a person who died without a will to collect debts and securities owed to the deceased.
It is most often needed to claim movable assets like bank deposits, shares, mutual funds and other securities of someone who died intestate, giving the holder the authority to receive and give a valid discharge for those debts and securities. The heirs apply to the court, which issues the certificate after due process and notice.
A succession certificate is not the same as probate (which relates to a will) or a legal heir certificate (often used for pensions and similar claims). For immovable property, additional steps may be required. Obtaining one can take time and involve court fees, which is one more reason a clear will simplifies matters for survivors.
Related terms
- Intestate SuccessionIntestate succession is the distribution of a deceased person's assets according to statutory law when they die without leaving a valid will.
- Legal Heir vs NomineeA nominee is the person you authorise to receive an asset after your death, but a legal heir is the person actually entitled to inherit it — and the two are not always the same.
- ProbateProbate is the legal process by which a court certifies that a will is valid and grants the executor authority to administer the estate accordingly.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.