power of Attorney and wills in Cyprus
power of Attorney and wills in Cyprus
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.
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Re: power of Attorney and wills in Cyprus
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,
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,
Nigel Howarth
Independent information & advice for Cyprus property buyers
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Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: power of Attorney and wills in Cyprus
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.
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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FSB Properties Ltd
Registered and Licensed Real Estate Company. Reg. No. 1145, Lic. No. 572/E
Member of ETEK Registration No. A201999
https://www.fsbproperties.com