Wills and Administration of Estate in Cyprus
Our team undertakes to deal comprehensively with the relatively complicated process of administering a deceased’s Estate in Cyprus. This reduces the pressure and worries of being an Executor of a deceased’s will or an Administrator of a deceased’s Estate.
Our Trust and Succession Planning services offer comprehensive solutions tailored to your needs, ensuring peace of mind and smooth transitions for your assets and estate in Cyprus. Here's how we can assist you:
Creation, Amendment, or Dissolution of Cyprus Trusts: Whether you're establishing, modifying, or terminating trusts, including drafting custom trust deeds, we provide expert guidance and legal support to meet your objectives effectively.
We can assist you with succession & Estate Planning. We specialise in developing tailored succession and estate plans to protect your assets and provide for your loved ones, ensuring your wishes are carried out seamlessly.
We craft legally sound wills that accurately reflect your wishes and ensure your assets are distributed according to your instructions.
To benefit from our Trust and Succession Planning services, simply reach out to us to schedule a consultation. We'll discuss your goals and objectives, provide personalised advice, and guide you through the process every step of the way, ensuring your assets and estate in Cyprus are protected and managed according to your wishes.
Services
Drafting and execution of wills
Our firm offers comprehensive assistance in drafting and executing wills to ensure your wishes are legally documented and upheld. Whether you're planning your estate or need to update an existing will, our experienced legal team provides personalised guidance to tailor the document to your specific circumstances and objectives.
Administration of Estates, Wills, Probate
Our team undertakes to deal comprehensively with the relatively complicated process of administering a deceased’s Estate, and also to reduce the pressures and worries of being an Executor of a deceased’s will or an Administrator of a deceased’s Estate.
FAQ
What is the difference between a revocable and irrevocable Trust?
A revocable Trust can be changed or revoked at any time by the creator, while an irrevocable Trust cannot be altered once established.
What is a Trust, and how can it be used in estate planning?
A Trust is a legal instrument used to hold property outside of your estate, providing flexibility in managing assets and avoiding probate.
How does the EU Succession Regulation (Brussels IV) affect estate planning in Cyprus?
Brussels IV harmonises succession laws within the EU, simplifying cross-border inheritance matters and allowing individuals to choose the law governing their succession.
Who can make a Will in Cyprus?
Any individual of legal age and sound mind can make a Will in Cyprus.
How does making a Will in Cyprus benefit me?
Making a Will ensures that your assets are distributed according to your wishes. Without a Will, Cyprus laws of intestacy determine how your estate is divided.
What documents are essential for estate planning in Cyprus?
A Will, beneficiary designations, Powers of Attorney, and guardianship nominations are crucial documents in estate planning.
How long does the estate administration process typically takes in Cyprus?
The duration of the estate administration process can vary depending on factors such as the complexity of the estate, the cooperation of involved parties, and any legal challenges that may arise. A rough estimate can be provided by your legal representative based on the specifics of the case.
What are the general duties of an Executor or Administrator of an Estate?
Executors or Administrators are responsible for managing the deceased's assets, settling debts and liabilities, distributing assets to beneficiaries, and ensuring legal obligations are met.
Why is it important to choose a trustworthy and experienced professional for estate administration?
Selecting a reputable and experienced professional is crucial in navigating the complexities of estate administration, ensuring the process is handled efficiently and accurately.
How does the Probate or Administration file conclude?
Upon satisfactory review of Final Accounts and related documentation, the Court Registrar closes the Probate or Administration file, marking the completion of the process.
What documents are required for the Final Accounts filing in Cyprus?
Final Accounts include details of how Estate matters were handled, supported by receipts, bank statements, and contracts, provided to the Cyprus Court Registrar for review.
When are the deceased's assets distributed to beneficiaries?
Once debts are cleared, and assets are divided among successors, Final Accounts of the Estate are filed with the Court, along with Declarations of Successors, indicating receipt of their share of the Estate.
What happens to outstanding debts or loans of the deceased?
Outstanding debts or loans take priority in the Estate Administration process. If there are insufficient funds in the deceased's accounts, assets may need to be sold to settle liabilities.
How is the deceased's tax status determined?
An application including all the deceased's property is submitted to the Tax Department to assess any outstanding taxes in Cyprus, followed by the submission of an inventory to receive a Tax Clearance Certificate.
What steps are involved in locating the deceased's assets?
After obtaining the Court Certificate, the Administrator undertakes procedures such as Land Registry searches and contacting banks to identify assets belonging to the deceased.
What is the Probate or Administration of Estate procedure in Cyprus?
The Probate or Administration of Estate procedure begins with a Court Application to issue a Court Certificate, allowing the Administrator to collect information regarding the deceased's assets.
What does estate administration involve in Cyprus?
Estate administration encompasses the comprehensive handling of a deceased individual's estate, including the management of assets and liabilities, as well as the distribution of assets to beneficiaries.