Basically, succession certificate is registered document which is required when person dies leaving behind money in bank account, bonds or shares in company.
Once legal heirs get this certificate they can withdraw money from deceased account in Pakistan. But without having succession certificate for bank account from competent court, the banks do not allow legal hairs to get money.
It is a mandatory requirement of financial institution, that legal heirs must have succession certificate in Pakistan.
In order to get this certificate a proper case has to file in civil court. This succession certificate establishes the right of heirs and determines their share in the property. It also gives them the authority to withdraw the money or securities and transferred them in their own name.
The relevant law applicable in this process is Succession Act 1925. Sections 370 to 390 of Succession Act 1925 deal with this process.
Succession Certificate Requirements:
These documents required for succession certificate in Pakistan and are attached at the time of initiating this civil suit.
1. Death certificate of the deceased
2. CNIC (Identity Card) of the deceased
3. CNIC (Identity Card) of the heirs
4. Notices and public advertisement
5. Statement of the all heirs or any one of them
6. One independent witness
Procedure of Succession Certificate
The Procedure for getting certificate is quite simple.
Usually a readymade form is available in courts, which is used to get money from deceased account. The heirs have to fill them while mentioning the description of all movable properties which they want to withdraw.
If that form is not available then a plaint has to be filed explaining all the facts which led the heir to file this suit.
(1) On first hearing the court will order for the notices in the public newspaper as an advertisement.
(2) On second hearing the copy of advertisement is submitted in the court and further order of recording of evidence are passed.
(3) On third hearing the statement of one heir and his independent witness (who is well acquainted with the facts of the case) are recorded.
(4) Fourth hearing is fixed to hear the arguments and after that the order for granting the succession certificate are passed, only if the court is satisfied.
This whole process takes about 1 to 2 month.
When the certificate is received the heirs can take the original copy to the concerned institution and can withdraw the asses or transfer them in their own name.