Drawing up a will

[Susanna1]

My husband and I own two properties in Cyprus. We are having a will drawn up and on the draft the solicitor has put himself as the sole executor and trustee. He informs us that the executor must be a resident of Cyprus. Im not sure what roles either executor or trustee perform. If the Solicitor acts as the executor would it be a good idea to have a close friend or relative to act as the trustee?
Plus as my husband will not be travelling with me to Cyprus I will be able to lodge my will at the law courts but he will not, does that mean that his will is not legally binding?
Many thanks
Susan

[Nigel Howarth]

Hi Susan,

It's 'Oxi Day' today - a public holiday.

Here are some notes from my website:

Appointing executors

Although you are free to appoint whoever you wish to act as the executors of your Will, there are a number of points to bear in mind:

* If you appoint an executor who is non-resident of Cyprus, the Court may require them to assign their duties to a Cypriot executor appointed by the Court.

* The difficulties your executors will face by not being on-island cannot be overstated.

If you feel strongly about appointing a non-resident as executor then there is nothing to prevent you from doing so. However, there is the risk that in the future the Court will insist on their replacement with a Cypriot executor.

An alternative approach would be to appoint close friends who are resident in Cyprus as your executors. They will then be able to 'shop' around for a lawyer to deal with probate.

(I believe that since Cyprus is now in the EU, there is no need for your executor(s) to be resident in Cyprus).

A word of warning

Although the Cyprus Bar Association specifies the minimum amount lawyers can charge in their role as executors, it does not specify a maximum figure. And I know of people who have been charged a kings ransom by unscrupulous solicitors for dealing with their late partner's estate.

To prevent 'overenthusiastic' charging by any of your executor(s), I suggest that you incorporate the following clause into your Will; this will limit their remuneration to the minimum level prescribed by the Law.

"The said executors shall be remunerated according to the Rules on the Minimum Fees of Advocates (Out of Court Cases) 1984 pursuant to the Advocates’ Law Cap. 2, or any other relevant rules that may replace the existing ones, and that shall be in force at the time of proving this Will."


I tried to lodge our Wills at Limassol. Having bought the stamps I saw the Registrar. He said that (a) he couldn't accept the Wills from me because he didn't know me and (b) There is no necessity to lodge your Wills at the Court.

Have you put the properties in some sort of Trust for your children?

When a Will is created, the person making the will (the testator) nominates a personal representative to administer the testator's estate; this person is typically called the executor. The testator may also nominate a trustee to manage assets that are left in trust to beneficiaries of the estate, such as a minor or someone with a disability. The trustee and the personal representative have different roles; however, the same person may serve both functions. The trustee is generally granted the power to make decisions on the distribution and management of estate assets that are included in the trust.

Regards,

[Susanna1]

Hi
Thanks for responding on a bank holiday.
Unfortunately we dont have any close friends etc who are resident in Cyprus to perform this role.
We are keen to get the will sorted out. so do you think its OK that the Solicitor is Executor and Trustee.
The will is drawn up that in the event of mine and my husbands death that all assetts go to our children.
Also does the will have to be lodged at the courts to be legally binding and do we have to be present to do this?
Many thanks
Susan

[Nigel Howarth]

Hi Susan,

I can't think of any reason why your lawyer should also be a trustee.

If you want your lawyer to act as your executor, the I recommend that you incorporate the following clause into your Wills:

"The said executors shall be remunerated according to the Rules on the Minimum Fees of Advocates (Out of Court Cases) 1984 pursuant to the Advocates’ Law Cap. 2, or any other relevant rules that may replace the existing ones, and that shall be in force at the time of proving this Will."

Wills do not have to be lodged with the Court to be legally binding.

Regards,