Drafting of Wills
A Will is a written legal document, in which you communicate your instructions concerning what will happen to your personal possessions, property and other assets after your death. The Will clearly names each individual who is to inherit specified parts of your estate.
Drafting of Wills in Cyprus is always strongly advised to avoid the often complicated procedures necessary where there is no Will – known as dying intestate – and the laws of intestacy that will need to be followed, known as the Cyprus Wills and Succession Law, Cap. 195.
The intestacy rules also mean that when there is no Will for appointing the Executors, an application for Probate will need to be made to the courts to be granted a “Letter of Administration” for an individual to administer the estate.
It is particularly important for co-habiting couples to execute a Will. In the absence of a Will, the share of any property or assets does not pass automatically to the spouse. Under the rules of intestacy, the share of any property of the deceased will go to the children, wife or husband of the deceased.
EU and Cyprus Citizenship by Investment
If you sign a contract to buy a property in Cyprus (under the EU and Cyprus Citizenship by Investment Scheme) – or are considering moving to the island – it is strongly recommended that you draw up a Will to cover those assets you hold in Cyprus.
A Will prepared in another country and the Cypriot Law
Cypriot law recognises a Will prepared in another country, but you should not rely on that Will to deal with your Cyprus assets.
Assets in Cyprus can be handled together with assets in England under a specially drafted English Will. It is usually recommended for individuals owning property in Cyprus to make a separate Cypriot Will to only cover Cypriot assets.
What Michael Legal Firm can do for you
- Discuss and test your capacity to make a Will.
- Take instructions on what you want your Will to achieve.
- Examine in detail whether your wishes are possible and practical, and the likely consequences. Where necessary, offer alternative solutions. Draw up your Will and put into effect your particular wishes.
- Advise on possible claims and challenges to the Will.
- Advise on the selection of Executors, Trustees and guardians for children who are Minors.
- Drafting of Wills in Cyprus
- Appointment as your Executors.