Estate planning denotes the process of disposing of a person’s property, including real and personal property after death. Of course, estate planning can remove obstacles and doubts about farm management.
In the Republic of Cyprus, all matters related to estate planning are regulated by the following laws:
· Wills and Successions Law (Cap. 195).
· Estate Administration Act (Cap. 189).
· Law of probates (resealing) (ch. 192). The sealing by the courts of Cyprus of successions or letters of administration granted by courts of other jurisdictions outside the Republic of Cyprus is regulated by chapter 192.
The need to re-seal a grant of succession or letters of administration arises when the deceased person was not a resident of the Republic of Cyprus, but has assets in his name in Cyprus.
Process:
Section 4 of Ch. 192 states that ‘The Court must, before sealing a will or letters of administration in accordance with this Law, be satisfied’ what:
to) the succession fee has been paid with respect to the amount, if any, of the inheritance that is subject to the succession fee in the Republic;
B) In the case of letters of administration, the amount of the guarantee is sufficient to cover the property, if applicable, in the Republic to which the letters of administration refer;
In addition, Article 4 provides that the Court may require evidence, if any, if it deems it appropriate as regards the domicile of the deceased person.
In accordance with Article 5, the Court may also, if it deems it necessary, at the request of any creditor, demand, before sealing, that an adequate guarantee be granted for the payment of the debts of the patrimony to the creditors residing in the Republic. .
The request to seal a grant of succession or letters of administration can be made to the president or district judge of any district court within the jurisdiction of which the deceased person had property at the time of death.
The request may be made by the executor or administrator or his attorney, duly authorized to reseal the subsidy in accordance with the provisions of Cap. 192.
In addition, the request must be by summons and must be accompanied by:
The will or letters of administration, stamped with the seal of the court that grants them, or a copy certified as correct by or under the authority of the court that grants them;
An oath of the executor, administrator or attorney-in-fact in the prescribed manner;
The power of attorney, in case the request is made by a lawyer;
Bond covering the property of the deceased within the Republic, granted by the administrator or his lawyer at the request of sealing letters of administration.
Consider the following:
Notice of the request attaching a note of a day scheduled for the hearing must be posted in the Official bulletin and a daily newspaper. A copy of the publications must be attached to the application.