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Property planning denotes the method of arranging the disposal of somebody’s property, together with immovable and movable property after his/her loss of life. Clearly, property planning might get rid of obstacles and doubts over the administration of estates.
Within the Republic of Cyprus, all issues associated to property planning are regulated by the next legislations:
· Wills and Succession law (Cap. 195).
· Administration of Property law (Cap.189).
· Probates (Re-Sealing) law (Cap. 192). The sealing by Cyprus courts of probates or letters of administration granted by courts of different jurisdictions exterior the Republic of Cyprus is regulated by Cap.192.
The need to reseal a grant of probate or letters of administration emerges when the deceased particular person was not a resident of the Republic of Cyprus, however he/she has property in his/her identify in Cyprus.
Process:
Part 4 of Cap. 192 supplies that ‘The Courtroom shall, earlier than sealing a probate or letters of administration underneath this law, be happy’ that:
a) the probate obligation has been paid in respect of a lot, if any, of the property as is liable to property obligation within the Republic;
b) within the case of letters of administration, the safety quantity is ample to cowl the property, if any, within the Republic to which the letters of administrations discuss with;
Furthermore, part 4 supplies that the Courtroom might require such proof, if any, because it thinks match as to the domicile of the deceased particular person.
Based on part 5, the Courtroom can also, if it judges essential, on the appliance of any creditor, require, earlier than sealing, that sufficient safety be given for the cost of money owed due from the property to collectors who reside within the Republic.
Utility to seal a grant of probate or letters of administration might be made to the President or a District Choose of any District Courtroom inside the jurisdiction of which the deceased particular person had property on the time of his/her loss of life.
The appliance could also be made by the executor or the administrator or their legal professional, duly authorised to re-seal the grant underneath the provisions of Cap. 192.
Moreover, the appliance should be by summons and ought to be accompanied by:
· The probate or letters of administration, sealed with the seal of the courtroom granting the identical, or a duplicate thereof licensed as right by or underneath the authority of the courtroom granting the identical;
· An oath of the executor, the administrator or the legal professional within the prescribed kind;
· The facility of legal professional, in case the appliance is made by an legal professional;
· A bond overlaying the property of the deceased particular person inside the Republic, offered by the administrator or his/her legal professional on software to seal letters of administration.
Take into consideration the next:
Discover of the appliance enclosing a word of a day scheduled for the listening to should be revealed within the Official Gazette and one each day newspaper. A replica of the publications should be hooked up to the appliance.
