Estate planning is an essential procedure that every individual must consider despite of their age, wealth, or health status. With this way, you make sure that your assets are allocated according to your wishes after your death and your loved ones are protected.
According to Cyprus Inheritance Law when an individual passes away, their property will be distributed among their family members. Cypriot law has some “forced heirship rules” which can only be imposed under a will. Only 25% of the net value of the estate will be distributed according to the wishes of the deceased. The 75% will be shared among the spouse and children.
Cyprus Inheritance Law is applied to individuals who are domiciled in Cyprus at the time of their death. Although if someone has movable and immovable property in Cyprus and their domicile is abroad, the Cyprus law is also applicable. Under the relevant European Regulation, foreigners who hold estate in Cyprus have the right to choose between Cyprus law or the law of the country of origin, as the law to govern the succession of their estate. In case the chosen governing law is not indicated in the will, their estate will be shared in their family in equal shares. If for example you want to leave all your assets to your spouse and you have one child, this is impossible without a will.
A will gives you the opportunity to appoint a testator/executor of your will, who is a person you wish to be responsible for your estate after your death. A will to be valid must have two adults as witnesses.
It is very important to appoint a lawyer to prepare and lodge in court your will to make sure that your estate will be shared as per your wishes. Moreover, many people appoint their lawyer as a testator/administrator not only for the trust, but also for the probate. “Probate” is the court process that follows, if the deceased had left behind a valid will. Probate takes approximately 12 months but its duration depends on each case.