Wills Gift Your Assets After Death, Why Wait?
Sam Orgill ProACT Partnership Expatriate Advice looks at other ways to Protect Your Family Inheritance. www.proactpartnership.com
Change of EU Law impacts Expat Wills
The adoption of the new EU law impacted Cyprus law by removing the options previously available to settle your Will under your home country laws. You should review your Will to ensure that your Wishes are met and your assets can be distributed as you wish in your Last Will & Testament. Contact Us Free Review !!
Cyprus Law of Succession
Now the EU is the controlling legislation which says that your estate must be settled in your country of Residence.
That is not the same as the country you are from. A legal definition of Domicile has been introduced in Cyprus. Your country of birth and of your parents is defined as your country of origin. Where you are From. You can change your Domicile but this takes 20 years of living in another country.
Nationality is not your Domicile. You may adopt citizenship or nationality in another country with cash or time (less time than Domicile). But your Domicile is still your country of origin as defined in Cyprus and other EU countries that have adopted the EU legislation France, Spain, Portugal….
The significance of Domicile to the Changes to Wills and Succession is that EU law allows you to settle your Will (in your country of Residence) using the laws of succession for your home country of Domicile. Contact Us Free Review !!
Cyprus Law of Succession
The Cyprus Laws of Succession described fixed rules of succession. Widows can only receive up to half the estate. Children will receive an equal share with a Widow. Where no marriage exists, or, children are not blood relatives, these people cannot benefit from the deceased estate. Remoter relatives including cousins and your grandparents siblings can make a claim. Only if no blood relatives survive the deceased can a widow inherit 100% of assets.
The law is clear. No excuses. Make written changes to you Will to adopt your home countries law or settle your Will under your country of residence.
Review your Will and consider Written amendments to allow your Will to be settled under the law of your home country. Contact Us Free Review !!
Domicile and Inheritance
On the flip side if you want to avoid 40% Inheritance tax in the UK, your choices need further consideration. If you write in a Will confirming your domicile as your home country then Inheritance Tax is assessed there. No inheritance tax applies in Cyprus if family inherit under Cyprus laws of succession. You could trigger a full Inheritance tax assessment of Worldwide assets on death.
Meaning UK expats pay 40% tax on Cyprus Overseas Property Assets.
Gift it Away – Avoid Probate – Top Tips
Inheritance tax could be avoided by gifting during your lifetime directly to beneficiaries or into a family trust. You stay in control and have freedom from forced heirship.
Contact Us Free Review !!
- Gifting could benefit your spouse from second marriage, who would otherwise share with first marriage children and other blood relatives.
- Gifts can protect all widows’ form losing control of assets during their lifetime.
- Gifts will achieve Inheritance Tax Saving up to 40% on assets gifted in your lifetime.
- Gifts in lifetime save the cost of Probate and achieve inheritance tax saving for expats up to 40%
- No excuses. Make written changes to you Will to adopt your home countries law or settle your Will under your country of residence.
Now every Expat must review their Wills to ensure that your Wishes are meet and your assets can be distributed as your wish in your Last Will & Testament. Consider Inheritance Tax, Savings Taxes and Property Title Deeds: to bring your needs in line with the new legislation.
ProACT Expatriate Tax Saving Expat Experts – Free Review
ProACT can also assist and offer Free Review and advice to Make a Will, provide updates or revisions as required. You may want to make gifts to avoid Inheritance Tax. Gift to Family, Gift to Trust.
This may just give you piece of mind, but also ensures that when someone dies, unforeseen problems, expense and inheritance taxes are avoided.
ProACT Partnership - Tax Saving Experts
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