DIY Wills
| Quote: |
| This came from the Cyprus Eastern Forum via Members who were reporting on two public sources of advice. |
As advised by the Probate Registrar.
The law pertaining to Wills in Cyprus is different for Cypriots and non Cypriots. The law applying to Cypriots sets out how much must be left to the wife and how much to the children. If a Cypriot makes out a Will contrary to those rules, the Will is invalid. Those rules do NOT apply to non Cypriots who are legally allowed to bequeath anything to anybody.
The body of the Will and jargon used therein is the same as a UK Will. It also needs witnessing by two witnesses all in the presence of each other. The only difference is that the Cypriot Will must have £10 revenue stamped on it and the testator signs over the stamp. The Will is then placed in an envelope provided by the Registrar. The front of the envelope must contain the following text and signatures are appended in his presence.
This sealed packet contains the last Will, bearing the date day of November 200X, of (name of testator) and is delivered by me for safe custody in the Registry of Pafos, to remain deposited there until after my decease.
Signed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I, (name of person who knows both the testator and the registrar) make oath and say that the signatory to the above endorsement is (name and address of testator)..
Signed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sworn before me on day of xx 200X
Signed . . . . . . . . . . . . . . . . . . . . . . . . . . . .Probate Registrar.
Deposited by (name of testator) who has been identified to me by (name of person who knows both the testator and the registrar), who is personally known to me.
Dated Signed . . . . . . . . . . . . . . . . . . . . . . . . . . . .Probate Registrar.
You must provide £3.50 in Revenue stamps with each Will. The Registrar then seals the Wills with sealing wax, writes a record in the ledger and issues and receipt containing the number of the ledger entry.
(Note: When you die someone will need the number of the ledger entry to recover the original Will)
The difficult part of this process was the requirement that he needed someone that he ‘knew’ who also ‘knew’ me to sign the envelope swearing that I was me. So when you pay a lawyer £102+vat for your Will you are paying for just that !!
| Quote: |
| This came from the Cyprus Eastern Forum via Members who were reporting on two public sources of advice. |
The following is an extract from a document containing information provided Ross Pays. This was taken to the District Court in Paphos where it was verified by an Advocate as correct and accurate.
The most common Myths
•Cyprus Law says that you must have a will in Cyprus
•A Cyprus Will must be lodged at the District Court and notarised
•An executor must be a Cyprus resident
•A Cyprus executor must be an Advocate (lawyer)
•Having a separate Cyprus will means that Cyprus assets are not subject to UK IHT and therefore if you have a separate UK will it is a good idea to state that it excludes Cyprus assets
•If you are not Cypriot you are not affected by Cyprus law such as “forced heirship”
•A Cyprus will can only be drawn up by an advocate
•If you do not have a Cyprus will all your assets will be acquired by the state
•If you move/retire to Cyprus and are resident in Cyprus for tax purposes (i.e. not resident for UK tax) you are no longer UK Domiciled
Facts
•You can only have one legal will every will you write automatically revokes any written previously
•If you are of British Domicile (which is VERY different from residency) you are subject to UK IHT on your worldwide assets
•If you do not have a will in Cyprus your assets will be distributed amongst your family in a manner which is predetermined by Cyprus intestate rules
•If there is a challenge to a will, by potential heirs, under the “forced heirship” laws the law of Cyprus will prevail
•It has been known for the probate court to require potential heirs to sign an indemnity confirming that they will not make a claim
•A spouse, sibling or adult child or anyone else can be an executor
•If a will runs to more that one page it should be signed and witnessed on all pages
•Although there is a suggested scale of fees for professional executor services application can be made to the court for fees beyond those guidelines.
•Appointing a lawyer or other professional as executor is almost like a blank cheque.
Practicalities
PLEASE NOTE THAT ALTHOUGH THESE ARE PRACTICAL SOLUTIONS THIS IS NOT AN ENDORSEMENT OF THE CORRECTNESS, LEGALITY OR EFFECTIVENESS.
•Having separate wills in the UK and Cyprus normally makes Cyprus probate much easier
•Only having a will in the UK will mean that it will need to be initially probated in the UK and then “resealed” In Cyprus which is very time consuming (The reverse also applies)
•If a will is separately probated in Cyprus it makes it very difficult for the UK Capital Taxes Office to become aware of the situation and the onus is on the beneficiaries/executors to report by completion of a chargeable event form, not doing so is Tax Evasion which is a criminal offence
•Although anyone can be an executor they will need to be in Cyprus in order to perform that function and they will almost certainly need to employ the assistance of a Greek speaking professional (lawyer or accountant)
•Owning property in Cyprus through a Cyprus private company will make the transfer of the property very much easier- it can in practical terms avoid a number of complications although it does not of course remove any legal responsibilities
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