Will Document in Cyprus: What you need to know
A will is a legal document that ensures a person’s property will be distributed according to their wishes and will end up in the hands of the people they designated.
Authorized lawyers in Cyprus typically draft the Will, which is then signed by the Testator in the presence of the lawyer and two witnesses. The Will serves to express the Testator’s wishes for the distribution of their movable and immovable property after their death, as well as the individuals and their respective shares of the inheritance.
Additionally, the Will appoints an Executor to oversee the execution of the Will and ensure that the inheritance is distributed to the designated Successors as defined in the Will.
Furthermore, the Will may contain specific provisions that must be fulfilled before an Heir can receive certain property, such as “my son George will only receive my plot of land located at 3 Andrea Michael Street after he gets married.”
Limitations of the Will document in Cyprus
The Successors mentioned in the Will can be persons who are not related to the deceased, but also legal persons, Non-Profit Organizations, Charitable Foundations, the Church and any other person. There are some limitations by the Law, as to the percentage of property that can be distributed to each person.
However, in the case where the deceased person did not leave a Will or the Will he left was deemed invalid, his property should be distributed based on the provisions of the basic Law on Wills and Inheritance, which provides for four classes of relatives, who are considered Legitimate Successors in order of priority, starting with the children and spouse of the deceased and continuing with the ascendants (parents) of the deceased.
In case the deceased does not have a relative up to the sixth degree, his property passes to the Republic after his death.
Strange as it may sound, the Testator has limited freedom when it comes to the assets he can dispose of through his Will. Specifically, the Law determines that the Testator can dispose freely and of his own will, through his Will Document:
25% of his net total property in case he leaves behind a) Spouse and children, b) spouse and offspring of children, c) children or descendants of children without a spouse, d) only offspring of children
50% of the net total of his property in case he leaves behind a Spouse or Parent
100% of the net total of his property in case there are no children, no descendants of children, no spouse and no parent.
Applicable Law on Wills and Succession in Cyprus
For the application of inheritance and succession law in Cyprus, it is required that the deceased was domiciled in Cyprus at the time of their death. Nevertheless, if there is immovable property situated in Cyprus, the law of Cyprus may be applied, irrespective of whether the deceased was domiciled abroad.
Nonetheless, the Brussels IV Regulation includes a choice of law provision that allows individuals to select their own country’s law as the governing law for the succession of their estate in participating EU states.
To illustrate, if an individual is a citizen of Russia and owns property in Cyprus, they may opt for Russian law to govern the administration of their estate, thus circumventing the forced heirship rules of Cyprus.
According to the EU Regulation, the choice of applicable law must be explicitly declared in the Will. Otherwise, the default position is that the law of the individual’s habitual residence will govern the distribution of their estate.
Specialized Lawyers on Wills in Cyprus
Our law firm has years of experience in drafting Wills, especially for non-Cypriot clients who face more peculiar and complex circumstances, and who have assets in various countries around the world. We undertake the entire process from start to finish, starting with providing legal advice, continuing with drafting the legal document, and finally managing and distributing the estate to the beneficiaries.