WILLS – SHOULD I MAKE ONE?
In short, the answer is “yes.” A Will is one of the most important documents you can have in order to protect your loved ones and your estate. A properly drafted Will ensures that your wishes are carried out after your death and your beneficiaries are able to enjoy their inheritance to its maximum. Even if you have a Will overseas it is advisable to make a separate Will in Cyprus if you have assets here.
Not many people though relish the thought of having a Will prepared, in fact, a large percentage of people never get around to making one, always leaving it for “later.” Unfortunately, life twists and turns in unpredictable ways and death is no respecter of age or plans. What if our mind goes before our body? What then if there is no Will…….?
WHAT WILL HAPPEN IF I DON’T HAVE ONE?
If you die intestate (without a Will) legal rules will determine who gets what. The implementation of these rules could mean that the estranged relative you haven’t seen in 30 years will be entitled to a share of your estate. It could also lead to court cases, family feuds and substantial legal costs.
In Cyprus there is no inheritance tax.
KEEP A RECORD OF YOUR ASSETS
It’s advisable to keep a list of your assets and any paperwork relating to them in a safe place and leave that information with a trusted person.
NEW LEGISLATION REGARDING WILLS ( July 2015)
Cypriot law regarding Wills was amended last July in order to prevent a testator from disposing of his/her entire estate however they desired. However, new EEC regulations allow a testator to choose under which country their inheritance matters should be treated, as long as it is not in conflict with the laws of the chosen country.
The best way is to re-do an existing Will with the following provision:
“It is my wish that the present Will be treated under the inheritance laws of …………………..”
WE CAN HELP YOU WITH:
Drafting & Execution of Wills
Sealing & Resealing of a Will
Administration of Estate & Probate Work