As per law, transmission of interest in shares of a deceased member of the company, made to the legal representative shall be considered. In transmission of shares, it is not necessary to execute and submit transfer deed.
A simple application to the company by a legal representative along with the following necessary evidences is sufficient:
The legal process is usually to obtain probate or letters of administration from the designated court. This allows executors or administrators to deal with the deceased’s property, including his or her bank accounts. Having obtained probate or letters of administration, an executor or administrator will typically set up an account called “the estate of [deceased’s name]”.
The bank will then transfer funds from the deceased customer’s accounts to the estate account (before closing the individual’s accounts). The executor will then distribute funds from the estate account according to the terms of the will and then close the estate account.
In the case of bank accounts where the account holder had utilized the nomination facility and made a valid nomination OR where the joint account was opened with the survivor-ship clause (‘either or survivor’, or ‘anyone or survivor ‘), the transmission process is straightforward. Bank will make the payment of outstanding balance in the bank account / deposit account of the deceased person to the nominee/ survivor(s).
On death of a single registered owner or an owner holding title as a tenant in common, land cannot pass directly from the deceased to the beneficiaries. Instead the land must first be transmitted into the name of the personal representative.
The personal representative will hold the land in trust for the purpose of administering the estate and can transfer the land to the beneficiaries. A personal representative is someone appointed either by a will or the court to deal with the property of a deceased individual.
TRANSMISSION TO SURVIVING UNIT HOLDERS IN CASE OF DEATH OF ONE OR MORE UNIT-HOLDERS OF A JOINT FOLIO:
TRANSMISSION TO REGISTERED NOMINEE/S IN CASE OF DEATH OF SOLE OR ALL UNIT HOLDERS:
TRANSMISSION TO CLAIMANT/S, WHERE NOMINEE IS NOT REGISTERED:
If the transmission amount is Rs two lakh or more: Any one of the documents mentioned below:
a. Notarized copy of Probated Will,
b.Legal Heir Certificate or Succession Certificate,
c.Letter of Administration, in case of Intestate Succession.
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