Will Preparation in Cyprus
Will Preparation in CyprusUpdated on Tuesday 28th November 2017
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A will is an extremely important document to prepare. It bears serious implications on a financial, as well as social level and it can cover aspects like funeral arrangements, legacies, guardianships and who will inherit an individual’s financial properties. In this article, our lawyers in Cyprus cover some important aspects related to will preparation in Cyprus.
Legislation related to wills in Cyprus
The main laws connected to wills and succession in Cyprus are:
• The Wills and Succession Law, Cap. 195: this legislation is the main one related to wills and succession in Cyprus. It was initiated in 1945, even though it has seen several amendments. Our Cypriot lawyers can provide more details on this law;
• The Administration of Estate Law, Cap. 189: it offers the legal setting for the procedures for execution of wills and administration of the estates of the deceased individuals;
• The Probate (Re-Sealing) Law, Cap. 192: it rules the procedures of re-sealing in the Cypriot Courts the Grant of Probate or Letters of Administration which were issued by the courts in the UK or other Commonwealth states. This law is applied to individuals who have deceased in the UK or another Commonwealth jurisdiction and the person in question owned a property in Cyprus. Our Cypriot lawyers can offer further information on this legislation.
Foreign citizens who prepare a will in Cyprus
Immediately after signing a contract for buying a real estate in Cyprus, our attorneys in Cyprus strongly advise you to have an independent lawyer make a will which covers the assets owned in this country.
A lot of homeowners assume that, if their real estate is held in joint names, upon the death of one of the persons, the property will automatically be owned by the other party. However, this is not the case in Cyprus.
Wills for expatriates and the inheritance tax implications for UK residents or individuals who used to reside in the UK is a complex legal area and you are strongly recommended to seek the advice of independent lawyers in Cyprus who possess a thorough knowledge of the legislation in both jurisdictions.
For more details about the Cypriot inheritance legislation, will preparation and taxation of inheritance, please contact our law firm in Cyprus.