Transfer of Property

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Transfer of Property After Death: Understanding the Process

Definition and Purpose:

  • When someone passes away, understanding the legal procedures for property title transfer becomes crucial. This involves transferring assets such as bank accounts, properties, demat accounts, lockers, and mutual funds according to inheritance laws. Here's what you need to know:

1. Hindu Succession Act:

  • The Hindu Succession Act of 1956 governs property succession in India.
  • It distinguishes between Testamentary Succession (with a will) and Intestate Succession (without a will).
  • Both self-acquired and ancestral properties are covered under this Act.

2. Gender Equality:

  • The Act was amended in 2005 to promote gender equality in property inheritance.
  • This amendment ensures fair distribution, especially for women heirs.

3. Steps for Property Transfer Without a Will:

  • Identify Legal Heirs: Determine rightful heirs through legal documentation or family records.
  • Obtain Legal Heir Certificate: Obtain a legal heir certificate from local authorities to establish heirs' legitimacy.

4. Right of Survivorship:

  • In joint ownership scenarios (e.g., spouses), the right of survivorship automatically transfers ownership after one spouse's death.
  • Obtain a certified copy of the death certificate from the hospital, mortuary, or appropriate authority.
Understanding these key points can streamline the property transfer process after the demise of a loved one, ensuring a smooth transition of assets according to legal protocols.

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