Parents died intestate, how to divide their FDs & shares b/w brothers

942 votes

As per your query thr bank fixed deposit and shares certificate come under movable property.
At the time of investment, all of these require the investor to fill up a nominee name. If the nominations are in place, then, in all likelihood, banks and financial institutions will release the funds, irrespective of the amount, to the nominee mentioned.

But in case of shares, succession certificate has to be obtained from the competent court of law under class 1 legal heirs under the Hindu succession act, 1955. If the husband dies then tje shares would be equally divided between son, daughter and also wife.

After obtaining succession certificate, application for change in share certifcate,communications has to be done with the company and all formalities have to be complied as per the company. It also inclusesindemnity bond and affidavit submission.
While taking succession certificate there might need arise to take no objection certificate from one of the legal heirs or wife/husband of the deceased if she/he is not being included while taking the succession certificate. Incase the shares are in a demat account then nominee will take over and all other bank formalities have to be complied with.
A succession certificate establishes who the legal heirs of the deceased are and gives them the authority to inherit debts, securities and any other assets. The beneficiaries can file a petition for a succession certificate in a district or high court as the two have concurrent jurisdiction. The petition usually mentions the relation of the petitioner with the deceased, details of other surviving legal heirs, the time, date and place of death of the deceased and the fact that the deceased died intestate. The court, after examining the petition, issues a notice to all the respondents. It also issues notice in a newspaper and specifies a time frame (usually one and a half months) within which anyone who has objections may raise them. If no one contests the notice and the court is satisfied then it passes an order to issue a succession certificate to the petitioner.
Once the assets are released, they can be handed over or transferred to the beneficiary. “Usually the nominee for each asset if different and they are more or less fairly distributed so families settle these matters verbally among themselves. However if any of the heirs is dissatisfied and takes the matter to the court, then the assets are distributed by the court as per the succession laws applicable to the deceased’s assets, according to the state and religion.


Hope this answers your query.

Advocate Rishabh Jain LawRato

559 votes

You will jave to apply for the succession certificate in the Tehsildar's office and then after that you can claim all the benefits and these Fds and all the movable and immovable property of your parents will be divided equally among all the legal heirs of the family.

Advocate Siddhant Sharma LawRato

823 votes

You both the brothers require to file a case for succession certificate and for partition in the court of District Judge submitting that all the properties and assests are succeeded equally between both the sons of the deceased. For

Advocate S P Srivastava LawRato