REASONS WHY EVERYONE SHOULD MAKE A WILL
One problem we often encounter in our office through the Probate department, which specialises in the Administration of the deceased person’s estate, is the fact that most people in Cyprus do not prepare and draft a will.
Although an estate of a deceased person can be distributed regardless of the existence of a will, the Administration will be much simplified by its existence. For example, if a deceased person is intestate (without a will), the assets will be distributed in accordance to the rules of intestacy and succession of the Republic of Cyprus.
There are many benefits of having a will and it is a procedure that does not take long to be completed. A person would firstly have peace of mind living behind his estate sorted out. Moreover, proper rearrangements can be made between the beneficiaries and the necessary procedures will be followed in case the deceased person was willing to make amendments to the will. This avoids and conflicts within the family.
Furthermore, the estate will be calculated, identified and classified without having to go through the time-consuming procedures to identify immovable and movable assets of the deceased. It should be noted that pre-rearrangements could save from the overloads of the tax disadvantages. Any care expenses and generally any amounts due could be avoided.
For a valid will in Cyprus the law requires the following provisions:
- Will must be made in writing;
- The testator must sign the will at the bottom of the last page and put his/her initials on each and every page of the will;
- The testator must sign in the presence of at least two witnesses who will also sign the will in the presence of each other and the testator;
For more information do not hesitate to contact your Cyprus Lawyers G.Kouzalis LLC at firstname.lastname@example.org or call at 23811788.