An interesting piece.....
Cross border inheritance in the EU just got simpler and cheaper
Today, the Regulation on successions rendering cross-border inheritance comes into force. Citizens preparing a will can now choose to have the law of the country of their nationality applied to their estate, even if they live in a different Member State and have assets located in different countries.
Cross border inheritance in the EU gets simpler
Today, the Regulation on successions rendering cross-border inheritance easier will start to apply. Until now international successions or wills with cross-border elements could be very complex since EU Member States had different rules to determine which court had jurisdiction to deal with a cross-border succession and which law applied to that succession. This resulted in a lack of clarity, as courts in different Member States could conduct parallel proceedings with potentially conflicting outcomes, and in fewer opportunities for people to choose the law that should apply to their inheritance. Commenting on the Regulation, Věra Jourová, Commissioner for Justice, Consumers and Gender Equality said: "Today we are making it cheaper and quicker to deal with international successions and wills. Citizens preparing a will can now choose to have the law of the country of their nationality applied to their estate, even if they live in a different Member State and have assets located in different countries. This will give peace of mind and legal certainty to roughly 450,000 European families each year, who are involved in cross-border cases. The result will be faster and cheaper procedures, saving EU citizens time and money in legal fees." The Regulation also introduces a European Certificate of Succession which will enable heirs and administrators to prove their status and exercise their rights and powers across the EU. As of today, the Regulation on successions will apply in all EU Member States except the UK, Ireland and Denmark, which opted out of this instrument. An information campaign addressed to citizens and professionals has been launched today on social media. (For more information: Christian Wigand– Tel.: +32 229 62253; Tove Ernst – Tel.: +32 229 86764)
source http://europa.eu/rapid/press-release_ME … 4_en.htm#2
Inheritance and wills
Note how the UK opted out - - so does that mean they wont allow it but other EU states will even if it involves a uk national...
Maybe not so clear after all - - - - also read this one too - - - - - -http://ec.europa.eu/justice/civil/family-matters/successions/index_en.htm
Reminder - there have been changes to the law on Wills in Cyprus - action required
Until recently, British people who own assets in Cyprus have been able to make a Will which distributes their Cyprus estate according to their wishes and free of the restrictions of the Cypriot system of forced heirship, which dictates that certain family members are entitled to a certain share of the immovable estate (land and property), irrespective of the provisions of a Will.
However this concession, known as section 42, was removed from Cyprus law on 3rd July 2015 and now everyone who owns assets in Cyprus will be subject to the system of forced heirship in relation to the distribution of their Cypriot land and property on their death.
It is unlikely that this system will suit many, especially couples and people who have been married before, as it gives natural children a right to inherit a share of their parents' estate, even if their parents spouse is still alive. It also makes no provision for a step child to inherit a share of an estate left to their step parent by their natural parent.
For people who are British nationals (hold a United Kingdom Passport) there is a solution in a new EU regulation on succession (referred to as Brussels IV) which came into effect on 17th August 2015. Although the United Kingdom opted out of the EU regulation, it allows a citizen (including a non EU citizen) who owns assets in any EU country (except the United Kingdom, Eire and Denmark ) to declare in a ‘testamentary declaration' whether the law of their nationality or the law of their habitual residence applies to the distribution of their estate.
Therefore a British national can make a declaration that they wish the laws of their nationality to apply to the distribution of their assets in Cyprus – which will mean that the Cypriot laws on forced heirship will not apply.
This declaration can be made in a Codicil
Alternatively the declaration can be made in a new Will
Source www.willpower.co.uk should you wish to have the details then please feel free to contact them
thanks for that information toon. wills can get very ugly, what is written and what happens after a person has gone beggars belief. they say money is the root of all evil, it isn't the money it is the people that deal with it afterwards.
true enough - and wouldnt disagree....
i have a template of a codicil if anyone wants one.
yes please toon.
Pm d you
Toon, I have PM'd you.
Alan
cheers toon most helpful.
Wills, Succession and New EU Directive
A presentation re the above will take place on Wednesday 28 October at the Kamares Club, Tala, starting at 11am. The talk will be given by Mark Tilden and will last for around an hour, with the opportunity for questions afterwards.
Coffee and cake will be available at the Club at a charge of €3 per person if required.
Seats will be limited - please could you email Cathi [[email protected]] if you wish to attend. (Tala Community News 30 September)
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