Estate planning is a sensitive matter, consequently, many people avoid addressing it. However, it should be pointed out that estate planning is an important matter that should be taken into consideration as it may eliminate emerging doubts over administration of estates. Therefore, the documents you prepare regarding your death might be some of the most significant documents you will ever make during your lifetime.
In Cyprus, the principal legislations that regulate all matters related to estate planning are:
- Wills and Succession Law (Cap. 195). For more information, read the article Successions and Wills in Cyprus and EU or contact directly one of our Cyprus lawyers.
- Administration of Estate Law (Cap. 189). For more information, read the article Administration of Estates in Cyprus or contact directly one of our Cyprus lawyers.
- Probates (Re-Sealing) Law (Cap. 192). For more information, read the article Cyprus Probate Law: Resealing of Probates or Letters of Administration or contact directly one of our Cyprus lawyers.
A Grant of Probate:
A Grant of Probate is a legal document that authorises an executor (or executors) to manage the estate of the deceased person according to the provisions of the deceased person’s will. A Grant of Probate is granted by the Courts. Specifically, a Grant of Probate authorises the executor(s) to collect the asset of the deceased person and allocate them to people who are named as beneficiaries in the will. Moreover, the executors are responsible for paying any debts before distributing the assets to the beneficiaries.
In order to obtain a Grant of Probate, the executor must determine the value of all assets and the amount of all liabilities. In case the executor is not a resident of the Republic of Cyprus then the Court may appoint its own executor to manage the estate.
Another document that must be obtained is a Certificate of Heirs, a document that determines the heirs of a deceased person. A Certificate of Heirs is obtained from the Mayor or Mukhtar of the town or village in which the person died. After that, the application for probate is attached to the original will as an exhibit. Then, documentation is submitted to the Tax Office which, upon being satisfied by its content, approves the issue of the Grant of Probate. Following the issue of Grant of Probate, the executors are obliged to gather the assets of the estate and pay all debts, and then proceed with the distribution of assets, according to the provision of the will, to the beneficiaries.
The executors have a personal responsibility and they are liable for the proper distribution of assets to the beneficiaries of the will. As a result, many executors who do not have the necessary skills and knowledge regarding administration of estates, appoint a lawyer to act on their behalf. The appointment of Michael Chambers & Co. LLC’s lawyers as executors will ensure that all the necessary legal procedures will be duly completed and then the assets will be distributed to the beneficiaries of the will. If you wish to speak to one of our lawyers, in absolute confidence, then contact us: email@example.com
Related Article: Wills as an Estate Planning Solution in Cyprus