power of Attorney and wills in Cyprus

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akis.c
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Joined: 18 Apr 2012 02:20

power of Attorney and wills in Cyprus

Post by akis.c » 19 Apr 2012 02:56

I Cypriot -Australian leaving mainly in Australia and i wanted to find out from somebody who knows haw long a power of Attorney last.And also is it possible to make a will in Australia for my Cyprus assets? From the Cypriots if you ask you get a different answer it depends what suite them.



Nigel Howarth
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Re: power of Attorney and wills in Cyprus

Post by Nigel Howarth » 19 Apr 2012 11:20

Hi Akis and welcome to the forum.

Unless a Power of Attorney document states otherwise, I believe it stays effective indefinitely. (If you wish to cancel a Power of Attorney, you just need write to the lawyer (or whoever) revoking it).

Yes - it is possible to make a Will in Australia covering your assets held in Cyprus, but there are some issues. The Will we need to go through probate twice - once in Australia and a second time in Cyprus through a process known as 'resealing'. This will:

a) Take more time to deal with your estate.

b) Possibly cost more than having a separate Will for your assets in Cyprus.

To simplify things for your executors and to speed up probate, I suggest you have (a) A Will made in Australia for your assets held there and (b) A Second Will made in Cyprus for your assets held here.

(I expect you are aware that, as a Cypriot, you cannot leave your assets in Cyprus to whoever you wish - there are some restrictions).

You will need a lawyer to help prepare your Will for Cyprus. The British High Commission in Nicosia publishes a list of English-speaking lawyers who can help - see http://ukincyprus.fco.gov.uk/en/help-fo ... ed-lawyer/ ).

Regards,


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Pantheman
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Re: power of Attorney and wills in Cyprus

Post by Pantheman » 19 Apr 2012 17:52

Akis,

you should also note that any probate in Cyprus is very expensive. The law firms can charge you up to 10% of the estate value. Also, never make the lawyer your executor.

If you have children, it might be best to 'gift' them their inheritence sooner rather than later.

They will get it in the end as you cannot dis-imherit your children by Cypriot laws of succession.

Good luck.


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