Working Together in Prosperity

Fifty percent of people over the age of 75 live alone. Of course, many of those people have relatives with whom to share their lives. But many men and women find themselves, for various reasons, alone in the world. It could be that a person was an only child and has never married: as the years go by they face a major worry – what will happen to their worldly possessions when they die?

Who will go into their house to clear out their things, who will sell the house and where does the money go? The best advice for everyone, whatever their age, is to make a will. Making a will ensures that your wishes will be carried out after your death. Your executor will be able to arrange your funeral and the sale of any property after your death.

By making a will you get peace of mind and the knowledge that your money will go where you want it to go. Once that has been done you can forget about it, and get on with enjoying life.

Every year about 2,000 people in England and Wales die without leaving a will and without any known relatives. Their affairs are dealt with by the Government through the Treasury Solicitor’s Bona Vacantia Department. In other words, all their money goes to the Crown! Bona Vacantia translates as “ownerless goods”, which in this case are assets of people who have died without leaving a will, and have no blood relatives.

Questions
Who is entitled to share in such an estate?
The deceased’s spouse or relatives who descended from a grandparent of the deceased.

Are relatives by marriage regarded as kin?
No

Does the Treasury Solicitor make the funeral arrangements?
No. If no-one is prepared to do this, the local authority has a duty to make the arrangements.

Is there a time limit on making a claim on such an estate?
The limit is 12 years after the death, although claims received 12-30 years later may be dealt with at the Treasury’s discretion.

I’m not a relation, but I helped in later years running errands, shopping. Can I Claim?
The Treasury Solicitor has the power to make discretionary payments.

I would like to buy the deceased’s house. Can I buy it from the Treasury Solicitor?
No. All properties are offered for sale on the open market and all offers go through agents.

Even if you don’t have much money, it’s a good idea to make a will. That will give you peace of mind and you will be sure that your wishes will be carried out.

If you have no relatives, your executor will make all necessary arrangements after your death.

Click HERE for notes on Cyprus Wills regarding Stamp Duty, updated 01/10/2010.

Ross Pays is the Chairman of The FAA based in Cyprus. FAA offer advice on wills, tax registration services, home, health and car insurance and tax planning, including Inheritance Tax Planning, together with full accounting services.

Visit Ross Pays website at www.rosspays.com, Telephone 00 357 25 82 58 76, Fax 00 357 25 33 35 93 or e-mail ross@rosspays.com
Initial consultations are free and no obligation and fee quotations will be provided in advance for all services.