Estate planning denotes the method of arranging the disposal of someone’s assets, along with immovable and movable belongings after his/her death. Obviously, property making plans may put off boundaries and doubts over the management of estates.
In the Republic of Cyprus, all matters related to property planning are regulated by the following legislations:
· Wills and Succession Law (Cap. 195).
· Administration of Estate Law (Cap.189).
· Probates (Re-Sealing) Law (Cap. 192). The sealing through Cyprus courts of probates or letters of management granted via courts of other jurisdictions out of doors the Republic of Cyprus is regulated through Cap.192.
The necessity to reseal a furnish of probate or letters of management emerges whilst the deceased man or woman become not a resident of the Republic of Cyprus, however he/she has assets in his/her name in Cyprus.
Section four of Cap. 192 provides that ‘The Court shall, earlier than sealing a probate or letters of administration beneath this Law, be happy’ that:
a) the probate obligation has been paid in recognize of so much, if any, of the estate as is liable to property obligation inside the Republic;
b) in the case of letters of administration, the security quantity is enough to cowl the belongings, if any, within the Republic to which the letters of administrations confer with;
Moreover, segment four provides that the Court may also require such proof, if any, because it thinks suit as to the domicile of the deceased character.
According to segment 5, the Court may additionally, if it judges necessary, at the software of any creditor, require, earlier than sealing, that ok protection be given for the charge of debts due from the property to creditors who live within the Republic.
Application to seal a supply of probate or letters of management may be made to the President or a District Judge of any District Court within the jurisdiction of which the deceased person had assets at the time of his/her death.
The software may be made via the executor or the administrator or their legal professional, duly accredited to re-seal the grant beneath the provisions of Cap. 192.
Furthermore, the software need to be by means of summons and need to be accompanied through:
· The probate or letters of administration, sealed with the seal of the court docket granting the same, or a copy thereof certified as accurate by means of or underneath the authority of the court docket granting the equal;
· An oath of the executor, the administrator or the legal professional within the prescribed form;
· The energy of lawyer, in case the software is made by using an attorney;
· A bond overlaying the property of the deceased individual within the Republic, furnished through the administrator or his/her attorney on utility to seal letters of administration.