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The Holy Prophet (sa.) had said that during the night of 15^th Shaba'an the Almighty takes decisions in the matters of sustenance, life and death and welfare of the people. Next to the “Night of Qadr” the night of 15^th Sha’baan is the most auspicious night (also known as “night of Baraat”). According to the Imams Muhammad bin Ali Al Baqir (as.) and Jaa’far bin Muhammad As Sadiq (as.) Allah swt has promised to fulfill every legitimate desire put forward to Him tonight. During this night Allah (swt) bestows on HIS people from HIS bounty & forgives them out of HIS grace & generosity .Of the blessings of this night is that ,at the dawn of this night ,was born the Leader of the Time Imam Mahdi (atfs) in Samarra -Iraq in the yr 255 AH .

Ahadith in the book Iqbalul A‘mal  "Therefore, stay awake this night in prayer and worship and encourage your Ummah to also keep awake this night in order to get closer to Allah (Glorified and Exalted is He) through their actions since this is a noble night. This is a night in which not a single person supplicates to Allah except that his prayers are accepted. Nobody asks for a single thing on this night except that it will be given to him. No one asks Allah for forgiveness except that his sins are wiped out. No one turns in repentance to Allah except that He accepts their repentance. Whoever is deprived of the goodness of this night has definitely been deprived of something great."

Almighty Allah has chosen this night for the Ahl ul-Bayt, in the same way as He has chosen the Qadr Night for our Prophet(peace be upon him and his Family.)

The first thing that that Salik (the Wayfarer on the path towards Allah, Glorified and Exalted is He) must perform on this night is that he must remove the material pleasures and enjoyments of this world from in front of his eyes (and from his heart) and in order to make the most of this special night and ensure that all of his actions are performed properly, he must think to himself that tonight  is his last night on this Earth (meaning that tomorrow he shall die) and thus, he will no longer have the opportunity to perform any more good deeds and that tomorrow the Day of Judgment will take place.

http://www.duas.org/15shabanamal.htm