Any person, provided that certain conditions are met, can draft a Will, i.e. a written statement expressing his intentions in regards to how his assets and estate are to be disposed after his/her death. It is to be noted that in Cyprus, the part of the estate that can be disposed through a will is subject to restrictions. Hence, the inheritance is divided in a statutory and a disposable portion.
- Statutory portion is the part of the estate that cannot be disposed through a will;
- Disposable portion is on the other hand the part of the estate that can be disposed freely through a will without restrictions.
It is to be noted that in case of surviving relatives, the totality of the estate cannot be disposed by will. The Wills and Succession Law (Cap. 195) provides for a statutory portion that will have to be passed according to the forced heirship rules.
The exact proportion between the statutory and the disposable portion depends on the surviving relatives / inheritors and the portions are calculated after the repayment of any debts or liabilities of the estate.
Examples :
- If the testator has a surviving spouse and children, the statutory portion is fixed at ¾ and only ¼ of the estate can be disposed through his will.
- If the testator has a surviving spouse only or a parent, but no children, then the statutory portion is fixed at one-half of the estate, while the other half can be distributed through his will.
- If the testator has no children, no descendants of children, no surviving spouse or a parent at the time of his death, then the totality of his estate may be disposed according to his will.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.