A Probate is a document that certifies that the copy of the Will (including Codicils, if there are any) that is attached to it, has been proved in the relevant court. A Probate is issued under a seal of the Court. A Probate can be granted by the Court only to the Executor (ie the person who will implement or execute the Will after its maker's death). The legal effect of the grant of a Probate is that it establishes the legal character of the Executor to implement the Will and to the validity of the Will. For example if a person appointed as the Executor, transfers certain shares of a company to another person as per the Will, then the company whose shares are being transferred can ask for the status of the Executor, since on their record, the owner is another person. In such a case the Probate establishes the Executor's right to apply for the transfer of the shares since the owner has died and that the Will is valid.
A Probate can be granted by the Court only to the Executor. A Probate establishes the legal character of the person (to whom the Probate has been granted) as one who can act on behalf of the maker of the Will who has died. A Probate cannot be granted to a minor or a person of unsound mind or to an association of inividuals (unless it is a company, in certain cases). However, "there is nothing in the law to prevent the Executor from acting as an Executor and exercise a power given to him without obtaining Probate. A Probate mainly gives adequate protection...".
A Probate is necessary when the Will or Codicil is that of Europeans, East Indians, Armenians, Jews, Indian Christians and Parsis. It is also necessary in case of Wills or Codicils of Hindus, Buddhists, Sikhs or Jains in Chennai, Kolkata and Mumbai or where they relate to immovable asset in these places. It is also necessary where a debt due to the estate of a Hindu is to be recovered.
A Letter of Administration is issued by a competent authority and appoints the Administrator to dispose of the asset of a person who has died without making a Will or in relation to a asset that is not covered in the Will.
A Letter of Administration may be granted to one or several people who may apply to the Court. If no one applies, it may be granted to a creditor of the deceased. A Letter of Administration cannot be granted to a minor or a person of unsound mind.
A Succession Certificate gives authority to a person who obtains it to represent the deceased for the purpose of collecting the debts and securities due to him. It is meant for protection of debtors, so that they know as to whom they can safely pay, the debt due to the deceased person. The certificate does not establish the title of the holder of the certificate as the heir of the deceased, but only furnishes him/her with an authority to collect the debts and allows the debtors to make payment without incurring any risk. A Succession Certificate is not granted in cases where obtaining a Probate of Letter of Administration is necessary.