Separate Wills are essential for assets in Cyprus, the UK and other jurisdictions
“Do I need two Wills in Cyprus?” is a question I hear a lot. Most Cypriot lawyers only create Cypriot Wills, or what is often referred to as International or Worldwide Wills. Why? Because they do not have the ability to write UK or other Wills to cover assets overseas.
As a result, one of the problems with writing a ‘Worldwide Will’ here in Cyprus is that when someone passes away, Probate has to applied for here. As many people know, this can take years to obtain. I recently discussed with a Cypriot lawyer how one of her Probate cases had started in 2008 and was not yet completed.
Until you have obtained that Probate, you can’t begin the process of obtaining access to assets elsewhere. The process of obtaining Probate in a second country is known as Resealing.
For the sake of the cost of a few hundred Euros in having a second Will created, executors can save months, if not years, in being able to access those other assets.
Through our network of international relationships, Maplebrook Services Cyprus can create Wills in:
- Isle of Man
This enables our clients to manage their affairs correctly and efficiently in a number of worldwide jurisdictions with us.
I talk live on VIVA FM Paphos, every other Friday, to give free advice on Wills, Lasting Power of Attorney documents, Probate and funeral plans. Please click here to visit our Facebook Page for more information about when I’ll next be on the radio. You can also find details of how to send in your questions about any of these topics.
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