Hey Rakesh,
One way to accomplish this is to create a workflow that triggers before termination happens. You could base this workflow’s trigger on something like user end date.
How do you actually accomplish this reassignment? Luckily, that’s been documented already. Review that here: Reassign Object Owners Using IdentityNow Workflows
The example you asked about is demo’d in the tutorial.
Here’s a link to the API endpoint for forwarding an access request:
You could also just use this programmatically within your workflow/logic as needed with full extensibility.
This should help you accomplish your requirements. If you have anymore questions, please let us know!