Inheritance and wills

Note how the UK opted out - - so does that mean they wont allow it but other EU states will even if it involves a uk national...

Maybe not so clear after all - - - - also read this one too - - - - - -http://ec.europa.eu/justice/civil/family-matters/successions/index_en.htm

Reminder - there have been changes to the law on Wills in Cyprus - action required

Until recently, British people who own assets in Cyprus have been able to make a Will which distributes their Cyprus estate according to their wishes and free of the restrictions of the Cypriot system of forced heirship, which dictates that certain family members are entitled to a certain share of the immovable estate (land and property), irrespective of the provisions of a Will.

However this concession, known as section 42, was removed from Cyprus law on 3rd July 2015 and now everyone who owns assets in Cyprus will be subject to the system of forced heirship in relation to the distribution of their Cypriot land and property on their death.

It is unlikely that this system will suit many, especially couples and people who have been married before, as it gives natural children a right to inherit a share of their parents’ estate, even if their parents spouse is still alive. It also makes no provision for a step child to inherit a share of an estate left to their step parent by their natural parent.

For people who are British nationals (hold a United Kingdom Passport) there is a solution in a new EU regulation on succession (referred to as Brussels IV) which came into effect on 17th August 2015. Although the United Kingdom opted out of the EU regulation, it allows a citizen (including a non EU citizen) who owns assets in any EU country (except the United Kingdom, Eire and Denmark ) to declare in a ‘testamentary declaration’ whether the law of their nationality or the law of their habitual residence applies to the distribution of their estate.

Therefore a British national can make a declaration that they wish the laws of their nationality to apply to the distribution of their assets in Cyprus – which will mean that the Cypriot laws on forced heirship will not apply.

This declaration can be made in a Codicil

Alternatively the declaration can be made in a new Will

Source www.willpower.co.uk should you wish to have the details then please feel free to contact them

thanks for that information toon. wills can get very ugly, what is written and what happens after a person has gone beggars belief. they say money is the root of all evil, it isn't the money it is the people that deal with it afterwards.

true enough - and wouldnt disagree....

i have a template of a codicil if anyone wants one.

yes please toon.

Pm d you

Toon, I have PM'd you.

Alan

cheers toon most helpful.

Wills, Succession and New EU Directive
A presentation re the above will take place on Wednesday 28 October at the Kamares Club, Tala, starting at 11am.  The talk will be given by Mark Tilden and will last for around an hour, with the opportunity for questions afterwards.

Coffee and cake will be available at the Club at a charge of €3 per person if required.
Seats will be limited - please could you email Cathi  [toffee@primehome.com]  if you wish to attend. (Tala Community News 30 September)