Estate planning denotes the process of arranging the disposal of someone's property, including immovable and movable property after his / her death. Obviously, estate planning may eliminate obstacles and doubts over the administration of estates.
In the Republic of Cyprus, all matters relating to estate 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 by Cyprus courts of probates or letters of administration granted by courts of other jurisdictions outside the Republic of Cyprus is regulated by Cap.192.
The necessity to reseal a grant of probate or letters of administration emerges when the Deceased Person was not a resident of the Republic of Cyprus, but he / she has property in his / her name in Cyprus.
Procedure:
Section 4 of Cap. 192 provides that 'The Court shall, before sealing a probate or letters of administration under this Law, be satisfied' that:
a) the probate duty has been paid in respect of so much, if any, of the estate as is liable to estate duty in the Republic;
b) in the case of letters of administration, the security amount is sufficient to cover the property, if any, in the Republic to which the letters of administrations refer to;
Moreover, section 4 provides that the Court may require such evidence, if any, as it thinks fit as to the domicile of the Deceased Person.
According to section 5, the Court may also, if it judges necessary, on the application of any creditor, require, before sealing, that adequate security shall be given for the payment of debts due from the estate to creditors who shall remain in the Republic.
Application to seal a grant of probate or letters of administration can be made to the President or a District Judge of any District Court within the jurisprudence of which the Deceased Person had property at the time of his / her death.
The application may be made by the executor or the administrator or their attorney, duly authorized to re-seal the grant under the provisions of Cap. 192.
Furthermore, the application must be by summons and should be accompanied by:
· The probate or letters of administration, sealed with the seal of the court granting the same, or a copy there certified as correct by or under the authority of the court granting the same;
· An oath of the executor, the administrator or the attorney in the prescribed form;
· The power of attorney, in case the application is made by an attorney;
· A bond covering the property of the prohibited person within the Republic, provided by the administrator or his / her attorney on application to seal letters of administration.
Have in mind the following:
Notice of the application enclosing a note of a day scheduled for the hearing must be published in the Official Gazette and one daily newspaper. A copy of the publications must be attached to the application.
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