A will is an extremely important document to prepare. It bears serious implications on a financial, as well as social level and it can cover aspects like funeral arrangements, legacies, guardianships and who will inherit an individual’s financial properties. In this article, our lawyers in Cyprus cover some important aspects related to will preparation in Cyprus.
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The main laws connected to wills and succession in Cyprus are:
Immediately after signing a contract for buying a real estate in Cyprus, our attorneys in Cyprus strongly advise you to have an independent lawyer make a will which covers the assets owned in this country.
A lot of homeowners assume that, if their real estate is held in joint names, upon the death of one of the persons, the property will automatically be owned by the other party. However, this is not the case in Cyprus.
Wills for expatriates and the inheritance tax implications for UK residents or individuals who used to reside in the UK is a complex legal area and you are strongly recommended to seek the advice of independent lawyers in Cyprus who possess a thorough knowledge of the legislation in both jurisdictions.
For more details about the Cypriot inheritance legislation, will preparation and taxation of inheritance, please contact our law firm in Cyprus.