Trusts and Succession
It is a common misconception in Cyprus that no person can make a will to deal with their assets when they die. In fact capacity to make a will depends upon country of birth and certain categories of individual are able to dispose of their assets by will. The assets of those who cannot make a will pass by “forced heirship” rules which divide the estate into two portions: one of which can be passed by a will and the other of which passes according to the law. It should be remembered that with careful planning even those assets which are due to pass according to the forced heirship rules can be passed according to an individual’s personal wishes through alternative estate planning mechanisms such as gifts and trusts.
Michael Chambers and Co. LLC can offer professional advice on estate planning for Cypriot assets to individuals of any nationality. We offer straight forward and carefully considered advice which allows a client to ensure that his/her wishes are fulfilled and that his/her loved ones are protected. We are able to assist in probate matters and can arrange the resealing in Cyprus of Wills executed in certain other jurisdictions.
We give comprehensive advice on:
- Powers of Attorney;
- Tax planning.