A will is one of the most important documents you can have regardless of your age. In the past, we have seen conflicts in many families after the passing-on of their parents. We have also seen many companies that took years to be built go under because of these conflicts. All this can be avoided by having a good will and testimony. In this report, we will look at the steps of writing your will in Cyprus.
DIY or Lawyer
The first step is to decide whether you will write the will yourself or using a lawyer. The answer to this depends on your net worth and what you want to give out. If you are not all that wealthy, you can come up with the document easily. On the other hand, if you have substantial assets, we recommend that you use a good lawyer like Pavlaw. The lawyer will help you come up with the document. They will also commission the will to ensure that it will remain valid.
The Cyprus lawyer will also help you in other ways. For example, they will help you handle taxes, debts, and future income. Most important, the lawyer will help execute the lawyer.
Compile Assets and Liabilities
The next step is to sit down and conduct a thorough review of your finances. This is an important step that you should make. You should write everything you own and owe on a piece of paper. The reason for doing this is to find what you presently own and owe.
After writing down the assets and liabilities, you should value yourself. You can do this valuation by yourself or use a certified valuer. The reason for valuing is that you want to be equitable when you divide your assets to your offspring. You should make sure that you have listed all these items on your will. Also, you should keep on updating this list throughout your life.
Write the Will
The next thing you need to do is to write the will. Ideally, you should give the lawyer the rough documents you have prepared and mention your wishes. The lawyer will then compile all these and come up with the will. He will remain with the will and you will keep a copy. This removes the chances of the will being contested.
There are several tips we believe are important when coming up with a will. First, if your children are small, you should identify someone you trust to take care if them. This can be a family member or a close friend. You don’t want to leave your kids to the mercies of lawyers. Second, if you run a big company, we recommend that you write down your wishes about it in the will.
In the past, we have seen many companies go under simply because their founders did not leave a will. Third, you should divide your property equally. You don’t want to have an impression that you love one kid more than the other. This could have significant long-term challenges.