What you need to do once will comes into effect? | Economic Times

Before the assets of a deceased person is divided among the legal heirs as per the prescribed format mentioned in the will, it has to be probated, especially in certain cases. What is probating a will? Well, probating a will is the court-supervised process of authenticating a last will and testament of a deceased person. Harsh Parikh, Partner, Khaitan & Co. says that probate provides a legal validity to the rights and entitlements of the legal heirs.There is a misconception among many that if a will is registered, then it does not require a probate. It should be known that registration of a will is not compulsory in India, however, probate of a will is mandatory in certain cases. "Probating a will is compulsory or not depends on certain aspects such as where the will is executed or where the properties dealt with in the will is situated," explains Parikh. As per the Indian Succession Act, 1925, it is compulsory to probate the will in the cities of Kolkata, Mumbai and Chennai. Parikh says, "If the testator (the person who has made the will) signed the will in any of these three cities (was present at the time of signing the will), then probate of such a will is also compulsory as per law."What if someone dies intestate, i.e., without a will? What can the legal heirs do to divide the assets of the deceased person?What if there is no will? As per succession laws, if there is no will, then the legal heirs should obtain a succession certificate or legal heirship certificate.Parikh says, "In case there is no will, then succession certificate or a legal heirship certificate should be obtained before initiating the process of transferring immovable property. The succession certificate can be obtained from court by paying court fees. Though there is a cost implication and there is a tedious process to be followed for obtaining succession certificate from court, having a succession certificate makes it easier to sell immovable property in the future."To transfer the names in bank accounts, lockers, property etc., a succession certificate may be sought from the concerned authority. Given below are the state-wise charges of probating a will and obtaining legal heirship certificate State Cost of probating will Cost of obtaining succession certificate Delhi a) When the amount or value of the property in respect of which the grant of probate or letters is made exceeds Rs 1 lakh, but does not exceed Rs 10 lakh: 3.5% on such amount or value; b) When such amount or value exceeds Rs ten lakh but does not exceed Rs 50 lakh - 3.25% on such amount or value; and c) When such amount or value exceeds Rs 50 lakh - 4% on such amount or value a) When the amount or value of the property in respect of which the grant of probate or letters is made exceeds Rs 1 lakh, but does not exceed Rs 10 lakh- 3.5% on such amount or value; b) When such amount or value exceeds Rs 10 lakh but does not exceed Rs 50 lakh - 3.25% on such amount or value; and c) When such amount or value exceeds Rs 50 lakh - 4% on such amount or value Maharashtra The court fees payable to seek a probate of the will, depends on the value of the assets involved in the will, however, the court fees are capped at Rs 75,000. The court fees for obtaining succession certificate are also capped at Rs 75,000. West Bengal The court fees depend on the value of the assets involved in the will, however, the court fees are capped at Rs 50,000. The court fees for a succession certificate in West Bengal depends on the value of the assets of the deceased, however, the court fees is capped at Rs 50,000. Gujarat The court fees depend on the value of the assets involved in the will, however, the court fees are capped at cap of Rs 75,000. Rs 2,000 irrespective of the value of the assets. Tamil Nadu The court fees depend on the value of the assets involved in the will, however, the court fees are capped at Rs 25,000. 3% on value of assets Andhra Pradesh a) Where the value of assets is up to Rs 5,000: 2% of value of assets; b) Value of assets between Rs 5,000 and Rs 50,000: 3% of value of assets; c) Value of assets between Rs 50,000 and Rs 1 lakh: 4% of assets; and d) value of assets more than Rs 1 lakh: 5% of assets a) Where the value of assets is up to Rs 5,000: 2% of value of assets; b) Value of assets between Rs 5,000 and Rs 50,000: 3% of value of assets; c) Value of assets between Rs 50,000 and Rs 1 lakh: 4% of assets and d) value of assets more than Rs 1 lakh: 5% of assets Telangana a) Value of assets between Rs 1000 and Rs 5000: 2% of such value; b) Value of assets between Rs 5,000 and Rs 50,000: 3% of such value; c) Value of assets between Rs 50,000 and Rs 1 lakh: 4% of such value; and d) Value of assets exceeding Rs 1 lakh: 5% of such value a) Value of assets up to Rs 5,000: 2% of the such value; b) Value of assets between Rs 5, 000 and Rs 25,000: 3% of such value; c) Value of assets between Rs 25,000 and Rs 50,000: 4% of such value; d) Value of assets between Rs 50,000 and Rs 1 lakh: 5% of such value; and e) Value of assets exceeding Rs 1 lakh: 6% of such value Uttar Pradesh a) Value of assets including property does not exceed Rs 10,000: 2.5% of value of assets; b) Value of assets is between Rs 10,000 and Rs 50,000: 3.25% of the value of assets; c) Value of assets is between Rs 50,000 and Rs 1 lakh: 3.25% of the value of assets; d) Value of asset is between Rs 1 lakh and Rs 2 lakh: On Rs 1 lakh 3.25% and on the remainder 5%; e) Value of asset is between Rs 2 lakh and Rs 3 lakh: On Rs 2 lakh the fee payable under clause (d) and on the remainder 6.25%; f) Value of assets between Rs 3 lakh and Rs 4 lakh: On Rs 3 lakh the fee payable under clause (e) and on the remainder 7.5%; g) Value of assets between Rs 4 lakh and Rs 5 lakh: On Rs 4 lakh the fee payable under clause (f) and on the remainder 8.25%; and h)Value of assets exceeds Rs 5 lakh: On Rs 5 lakh the fee payable under clause (g) and on the remainder 8.75% a) Value of assets is up to Rs 20,000: 2.5% of the value; b) Value of assets is between Rs 20,000 and Rs 50,000: 2.5% on Rs 20,000 and on the balance Rs 30,000 3.25%; c) Value of assets between Rs 50,000 and Rs 1 lakh: On Rs 50,000 as stated in (b) above and on the remainder 3.75%; d) Value of assets between Rs 1 lakh and Rs 2 lakh: On Rs 1 lakh the fee payable as stated in (c) above and on the remainder 5%; e) Value between Rs 2 lakh and Rs 3 lakh: On Rs 2 lakh the fee payable under clause (d) and on remainder 6.25%; f) Value between Rs 3 lakh and Rs 4 lakh: On Rs 3 lakh the fee payable under clause (e) and on the remainder 7.5%; g) Value of assets between Rs 4 lakh and Rs 5 lakh: On Rs 4 lakh the fee payable under clause (f) and on the remainder 8.25%; h) Value exceeding Rs 5 lakh: On Rs 5 lakh the fee payable under clause (g) and on the remainder 8.75% Source: Khaitan & Co.