making a will
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by dolmadis » Tue Apr 18, 2006 8:03 am
The advice from my UK Lawyer and Cypriot Lawyer was to have seperate Wills which clearly acknowledge/exclude each other. Nothing to do with tax, you pay IHT in the UK if you are UK Domiciled but the original one Will can't be in two places at once for probate.
Just a thought which I hope helps explain another view.
Regards
Just a thought which I hope helps explain another view.
Regards
- dolmadis
- Member
- Posts: 92
- Joined: Tue Jan 10, 2006 11:55 pm
by nhowarth » Sat Jun 03, 2006 10:41 pm
The consequence of passing away without a making a will covering those assets held in Cyprus can be extremely serious.
Many people incorrectly assume that if a property is held in joint names then on the death of one party the property passes automatically to the other joint owner.
If you have bought property in Cyprus or are considering moving to the island, it is most important that you review the provisions of your existing Will (if you have one) and take legal advice to ensure you have the correct measures in place to deal with your Cyprus property and other assets on your death.
If you have a Will in your existing country of residency do not rely on this Will to deal with your Cyprus property without having sought expert legal advice from Lawyers with experience in dealing with the administration of cross border estates. Generally, it is advisable to have a separate Will which deals with assets held in Cyprus.
The share of the property owned by the deceased does not pass automatically to the surviving joint owner. The estate of the deceased has to be administered and the property passes in accordance with the terms of their Will or local intestacy provisions. It is most important to make a Will to cover the distribution of any property owned in Cyprus if you wish to avoid the complications which would inevitably arise from the conflict of two different legal systems and the risk of the estate being divided under local rules.
If you have assets in the UK (or any other country) then you generally need to have one will covering those assets held in the UK and a second will covering those assets held in Cyprus. However, it is most important that if one of these Wills is made at a later date it does not unintentionally revoke the first Will. Great care has to be taken in the review and wording of the two Wills.
Under Cyprus Law there is a system of forced heirship. For example, if a person dies leaving a spouse and a child then ¾ of the estate passes to the spouse and child in equal shares and the testator (the person making the Will) has the freedom to dispose of the remaining quarter share as he or she so wishes.
However, currently under Cyprus law, there is a concession for persons who/or whose fathers were born in the UK or in a country which is a member of the Commonwealth. Such persons are, provided they have a Will, allowed to leave their Cyprus assets to whom they wish on their death. This concession does not apply to all EU citizens.
Therefore, should the concession not apply to you then it is most important to seek legal advice. In order that your chosen beneficiaries inherit your property you may need to consider the establishment of a Cyprus lifetime trust for any immovable property (house, land, apartment) held in Cyprus.
Regards,
Many people incorrectly assume that if a property is held in joint names then on the death of one party the property passes automatically to the other joint owner.
If you have bought property in Cyprus or are considering moving to the island, it is most important that you review the provisions of your existing Will (if you have one) and take legal advice to ensure you have the correct measures in place to deal with your Cyprus property and other assets on your death.
If you have a Will in your existing country of residency do not rely on this Will to deal with your Cyprus property without having sought expert legal advice from Lawyers with experience in dealing with the administration of cross border estates. Generally, it is advisable to have a separate Will which deals with assets held in Cyprus.
The share of the property owned by the deceased does not pass automatically to the surviving joint owner. The estate of the deceased has to be administered and the property passes in accordance with the terms of their Will or local intestacy provisions. It is most important to make a Will to cover the distribution of any property owned in Cyprus if you wish to avoid the complications which would inevitably arise from the conflict of two different legal systems and the risk of the estate being divided under local rules.
If you have assets in the UK (or any other country) then you generally need to have one will covering those assets held in the UK and a second will covering those assets held in Cyprus. However, it is most important that if one of these Wills is made at a later date it does not unintentionally revoke the first Will. Great care has to be taken in the review and wording of the two Wills.
Under Cyprus Law there is a system of forced heirship. For example, if a person dies leaving a spouse and a child then ¾ of the estate passes to the spouse and child in equal shares and the testator (the person making the Will) has the freedom to dispose of the remaining quarter share as he or she so wishes.
However, currently under Cyprus law, there is a concession for persons who/or whose fathers were born in the UK or in a country which is a member of the Commonwealth. Such persons are, provided they have a Will, allowed to leave their Cyprus assets to whom they wish on their death. This concession does not apply to all EU citizens.
Therefore, should the concession not apply to you then it is most important to seek legal advice. In order that your chosen beneficiaries inherit your property you may need to consider the establishment of a Cyprus lifetime trust for any immovable property (house, land, apartment) held in Cyprus.
Regards,
- nhowarth
- Contributor
- Posts: 400
- Joined: Fri Jan 06, 2006 3:08 pm
- Location: Erimi, Limassol District, Cyprus
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