Bereavement Advise- Letter of Administration & Probate
Process of Letter of Administration & Probate
What to do after Someone Dies?
Difference between letter of administration and succession certificate
difference between probate and letter of administration
Letter of Administration Cost in India
What to do when someone dies!
After the death of the owner of assets?
After the death of asset holder, after few weeks/months – it’s time to claim their assets and properties. That time, there are lots of paperwork and procedure to be followed.
You have to claim their:
- Fixed deposits
- Saving bank accounts
- Bank lockers
- PPF (Public Provided Funds)
- EPF (Employee Provided fund)
- Post Office Deposits
- Mutual Funds
- Stocks and Shares
- Life Insurance Policies
- Real Estate Property
You will have to run around to claim all of these one by one and might also have to do few rounds because of the process and procedures to be followed. Now this verification and processes is very critical for the banks, mutual funds houses, or companies to make sure that the asset is passed to the right hand, whoever is entitled to get it legally and not just anyone making the claim.
It is usually called a Grant of Representation (depending on your circumstances, this document may have a different name), but mostly it is called as ‘Probate’ or ‘Letter of Administration’.
Some people feel they may not have the time or the expertise to deal with the process. Others are concerned that they may be liable for any mistakes they make, or may not wish to deal with family disagreements over money.
For these reasons, most families decide to use a specialist professional to handle everything involved in the process, from start to finish.
Some mistakes that the Deceased could have committed these could be:
These mistakes happen due to sheer ignorance or because of casual attitude of investors. You or your parents might be doing these following mistakes.
- They do not mention anyone in Nomination when they open a bank account, open a fixed deposit etc
- Once they put a nominee, they do not bother to change it ever, even if nominee has died or is now not on their preferred list
- They do not keep receipts or save important documents
- They do not write a WILL
- They write a WILL, but do not register it
- They write and register a WILL, but do not inform anyone in family
- They do not consult a lawyer while write a WILL and make mistakes in it
- They do not do proper paperwork when they execute a buy/sale transaction (Here is a real life experience)
- They rely too much on words of others and have feel “legal battles” happen only in movies
Are you doing something similar in your financial life. It answer is “YES”, your family or you yourself might face lot of issues in future.
You seem to be too much busy in earning money or just making investment – without realising that one day it might not even go to someone important in your family or reach very later after a lot of work to be done.
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Letter of Administration