What is estate planning in Cyprus?
Estate planning is the act of making preparations so that your wealth and assets can be passed to the people you choose in the unfortunate event of your demise. Assets such as life insurance, pensions, real estate, cars, personal belongings and debts are all components of what is known as estate planning.
Often, neglecting to settle your affairs and assets can result in a daunting situation such as family frictions or unintended beneficiaries and thus, it is highly advisable that you prepare for your estate planning on time. Having a solid estate plan in place ensures that your assets will be distributed to your chosen beneficiaries according to your wishes after you are gone.
It is highly recommended that you work with an experienced lawyer, who will guide you through the process and can tailor the estate planning process to your unique circumstances and needs.
If you are considering preparing for your estate planning, here are four key steps that can ensure a smooth and effective process:
The four key steps for preparing your estate planning for a smooth and effective process:
- Having Valid Will in place: The estate planning goals may vary depending on your family and marital status, property or vehicle ownership etc. Having a valid and up to date will in place, is the first crucial element to a successful estate planning, as it protects your wishes and safeguards your family from any distress after your demise.
- Make a list of your assets/debts: It is essential to keep a record of your financial data so that the process can move forward quickly and seamlessly. Preparing a list of your assets and debts (if any) including property, vehicle, bank accounts, life insurance, is valuable documentation that will make your estate planning more efficient.
- Gather your documents: It is also highly recommended that you gather all your documents, such as title deeds, car logbooks, life insurance policy, marriage/birth certificates, divorce documents, etc. You may then inform a close relative/friend that you trust about the whereabouts of those documents so that they can be easily located in the unfortunate event of your demise. You may also provide these documents to your advocate for safekeeping.
- Update often: It is advisable that in the event of significant life changes, such as marriage, divorce, having children, property purchase, etc., your estate plan is modified as well. This is a proactive approach which may help you avoid forced heirship rules that are applicable in Cyprus or any family frictions in the future.
A successful Estate Planning is all about ensuring that your last wishes are followed and that your estate reaches your beneficiaries as you desire.
What can P.Philippou & Associates offer?
At P.Philippou Law, we understand the importance of peace of mind, especially for our foreign clients. We also realise that most people are overwhelmingly concerned about how to proceed with their estate planning.
We are happy to assist our clients in acquiring a valid will. We can offer them tailor-made solutions for estate planning to ensure that your assets will go to the persons of your choice.
For more information contact us on [email protected]