Glc wealth Recovering unclaimed asstes

  Do you have some money or shares that you forgot to keep track of, and are now locked with the IEPF? If that is the case, you would wonder what exactly can be done to reclaim the assets you rightfully own but sadly — don’t possess anymore? First of all, you need to understand where the securities go when you lose track of them as they remain unclaimed. Any dividend money, interest income, matured debentures, matured deposits, redemption amount of preference shares and sale proceeds of fractional shares when remains unclaimed for seven years is transferred to the IEPF What is IEPF? IEPF stands for Investor Education and Protection Fund which is maintained by the IEPF Authority, a division of the Ministry of Corporate Affairs, Government of India. This authority (IEPFA) is responsible to carry out refunds of shares, unclaimed dividends, matured deposits and debentures to investors, and also to promote awareness among investors.. Proposed integrated portal In the Budget 2023, Financ...

  “ At some point of time in life, everyone is destined to face Death as no one can deny death .” An owner of a property has a discretion to plan the transfer of his property by making a Will during his lifetime by the concept of ‘ Testamentary Succession ’, which takes effect as soon as the testator dies. But if he dies intestate i.e., without making a Will, then the Indian Succession Act, 1925 and Hindu Succession Act, 1956 come into play and the transfer will take place by way of ‘Intestate Succession’. It is a rule of law that a property can never be owner-less. As soon as the owner dies, the property floats to the person(s) named under the Will or to the legal heirs of the Deceased in the absence of Will. The property can be transmitted in two different ways: By way of Probate of Will By way of obtaining a Succession Certificate PROBATE OF WILL Death is an undeniable truth which can never be avoided so why not make ourselves prepared for it? An owner of a property may reduce t...

  Probate Certificate:-  The Indian Succession Act of 1925 is the official evidence of a will. Probate is a legal process that takes place after a person dies. When a person dies, someone must take care of his or her estate, that is, distribute his or her property according to his or her will. This means that the money, assets, and possessions must be arranged and distributed as an inheritance after all taxes and debts have been paid. Probate proceedings mostly consist of paperwork. If the deceased person left a WILL, it names a person they have designated to administer their estate. Probate is the legal process of administering a deceased person's estate and settling all claims and distributing the deceased person's assets under a will. Probate certificate It includes- 1. Identification of the property of the deceased person. 2. Taking inventory of the property of the deceased person. 3. Providing proof in court that the will of a deceased person is valid. 4. How to distribu...