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| Help on wording in a will https://mail.paphospeople.com/ppforum/viewtopic.php?f=45&t=30201 |
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| Author: | john B [ Sat Oct 31, 2015 12:11 pm ] |
| Post subject: | Help on wording in a will |
Can anyone help, I asked this as a PM a few days ago, but have had no reply. What wording should be on a will to ensure the distribution of assets is according to English law? Thank you |
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| Author: | Big Nev [ Sat Oct 31, 2015 8:07 pm ] |
| Post subject: | Re: Help on wording in a will |
This is what I got told: 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 3rdJuly 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 ontheir 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 estateleft 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 17thAugust 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 theirnationality 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 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. See below fora template of the Codicil, with instructions on how to complete it. Thetext on the next pageshould be pasted in its entirety into a new document and the text within the square brackets modified accordingly. The codicil should then be printed off, signed by you in front ofTWO witnesses and kept (but NOT fixed, stapled or otherwise attached) to the original Will. Couples should complete one separate Codicil document each and should not complete one document between them. (This information is provided by Willpower, TrinityPoint, New Road, Halesowen B633HY, United Kingdom and if you have any questions or if you are not a British national or if you wish to arrange for a new Will to be drafted, please contact our Cyprus based consultantJane Carr on Tel (00357) 9956815 or by emailjane@willpower.co.uk) CODICIL I, [insert full name] of [insert address] make this First Codicil dated the [insert day Codicil is signed] day of [insert month Codicil is signed] 2015 to my Will dated [insert date that Will was originally signed]. 1. I declare that my estate in Cyprus shall be governed by and take effect according to the law of England and Wales as my nationality at the time of making this Codicil is British which was my nationality at the time that I made my Will referred to above. 2. In all other respects I confirm my Will. As witness my hand the day and year above written ............................................................ Signed by the Testator in our presence and attested by us in the presence of the Testator and of each other. Signature:.......................... Signature:. |
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| Author: | john B [ Sat Oct 31, 2015 8:22 pm ] |
| Post subject: | Re: Help on wording in a will |
Thanks very much Nev, exactly what I was wanting. Cheers |
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