If someone dies without a Will then it is said that they have died Intestate and the Law will determine who will take a share in the estate. We understand that bereavement is an incredibly difficult time. Our firm takes away some of that burden by providing support in dealing with the paperwork no matter what the size of the estate. We believe that communication is invaluable to providing a fast and efficient service and so we keep you in the picture at every stage.
A Letter of Administration is the authority given by the Cyprus Courts, following application from legal heirs, which entitles a person to act as the Administrator of the estate of the deceased. The role of Administrators is important and carries with it personal responsibility. For that reason many of those appointed to carry out the requisite tasks who are not professional advisors appoint a lawyer to act on their behalf in dealing with the estate.
The process is not simple and the assistance of a lawyer familiar with Probate Laws is deemed necessary having in mind the authorities the Administrator will have to visit and dealt with and the number of legal documents that must be filed in Court. Legal heirs may decide to use the services of a lawyer to act as the Administrator of the Estate or as the legal advisor of the Administrator. If you reside in Cyprus you may decide to act as the Administrator of the Estate of your deceased relative and hire a lawyer to advise and assist you when it comes to court applications and procedure. If however, you live abroad it will be difficult to attend the relevant authorities and/or sign and submit necessary documentation and in this case, it is advisable to employ a local lawyer.
The decision also lies with fees involved for the service of administration of estates. Probate costs will vary depending on a number of factors such as whether the Will is foreign or Cypriot, if there is no Will, the number of beneficiaries, the location of beneficiaries, the nature and location of the assets and whether title deeds to any immovable property have been issued. Following a successful complaint to the European Commission by Fairness in Fees, the law requiring Cyprus lawyers to charge clients according to the Minimum Fee Regulations has been revised and the Minimum Fee Regulations is now abolished. Today, anyone wishing to engage the services of a lawyer in Cyprus to draw up their Will, act as their Power of Attorney, administer their estate etc. can seek and get competitive written quotation for the service.
Our firm has a competitive and transparent pricing policy and we always provide clients with a detailed quote fee at the commencement of instructions. We do not believe in hidden costs and any additional or optional costs will also be detailed at the outset as will any anticipated disbursements or third-party costs, for example Court fees, official translations, certification costs, Land Registry fees etc.
Our Services on all aspects of probate and the administration of estates include:
- Assisting with the immediate tasks following a death, such as registering the death, issuance of Death Certificate, issuance of Legal Heirs Certificate, understanding the terms of the Will (or considering the position if there is no Will) and providing an initial guide to the necessary action required
- Investigating the values of the assets and liabilities in the estate
- Advising on inheritance tax, capital gains tax and income tax
- Obtaining, as necessary, the grant of probate or letters of administration
- Contacting all financial institutions and gathering information
- Selling or transferring assets
- Paying bills
- Contacting beneficiaries and paying monies due
- Negotiating with tax authorities required
- Preparing deeds of variation and deeds of family arrangement
- Dealing with assets in different countries and foreign wills.
We will always endeavor to provide you will an estimate of time and costs from the outset, which we will normally address at the initial meeting with the heirs and relatives once we are familiar with the estate.
For further information on probate and administration of estates please contact us.