The above Law has as a fundamental element the provision and maintenance of economic life despite death, and the regulation of the consequences that death brings to all the obligations and rights that a person had while he/she was alive.
In order the Cypriot Legislation to apply in matters of inheritance of a deceased, on the day of his/her death, he/she must had his/her residence (“domicile”) within the Republic of Cyprus. The term “domicile” is not synonymous with the home or residence of the deceased, nor is it synonymous with the place of death or the nationality of the deceased. The concept of “domicile” consists of several factors that are taken into account.
The estate of a deceased person can be inherited and/or disposed of in 2 ways:
- By will – The right of a person to dispose of his property by will is not absolute but is limited to the part of “disposable portion”.
- Out of disposition – When a person dies without leaving a will, his property can be distributed through a management process to his relatives, depending on the degree of kinship.
Therefore, the law defines as direct heirs the surviving spouse/husband, the descendants (children/grandchildren) or ancestors (parents/grandparents) but also at the second level the siblings.
It is also important to understand that in a heritage management, what is transferred is not only rights but also possible outstanding obligations.
Important reference should be made to the fact that the right of a person while is alive to dispose of his/her property/inheritance after his/her death by will is NOT considered absolute, so that everyone can freely choose and/or decide who will receive all or part of his/her estate as an inheritance.
It is vital, before drawing up any will or document that provides for the consequence of death bequest but also part of the inheritance, to take Legal advice so that it is certain that this disposition of the inheritance will actually take place and will not be cancelled or become void due to irregularities.
What should also be fully understood is that having a provision for the future results in and increases the chances of avoiding conflicts, lawsuits and other proceedings over future estate/inheritance and a possible break-up of a family member as a result of the conflicts.