Last will & Testament
Wills and Why You Should Make One?
Our Wills service provides all the expertise and guidance you need to make a Will which will protect your estate and benefit your loved ones.
Most people do not leave a Will, as It is something that is on the “have to do” list and often remains there.
What Happens If You Don’t leave a will ?
If you do not make a Will and you have property in Greece, then Greek legislation will determine how and to whom your estate will pass. This can mean that your immediate loved ones will suffer hardship or estranged (or unwanted!) relatives will share in your estate. The effect of this legislation can cause family disputes and can result in bitter court battles and costly legal bills.
When making a Will you should always seek expert legal advice, without which there is a great risk that mistakes can happen. We can help you avoid those mistakes.
Due to increases in property value prices, personal estates have become more valuable. This means they are more likely to suffer significant potential tax burdens and have become a more attractive prospect for legal claims.
Do I need a Greek Will if I already have a Will in the country of my residence?
If you own assets in more than one country then your individual circumstances need to be carefully considered by a lawyer who knows the laws of the countries involved.
If you have left a Will at your home country, it may be able, under some circumstances to govern your Property in Greece, but this would mean that the Will would need to be “re-sealed” in Greece. This can be costly and time consuming and may involve court procedure. We always advise our clients to make a separate Greek Will.
The formalities for making a valid Will in Greece are not the same as in other European countries.
After the death of the person who left the will, inheritance right of the inheritors must be acknowledged by court procedure, but this is a very much simpler procedure than the case in which the will is left in another country.
What about Inheritance Tax?
There is inheritance taxation in Greece depending on the relation between the inheritors and the deceased.
We advise our clients to keep copies of all documentation regarding their estate together somewhere safe. When the time comes it will be quicker and easier to deal with the estate if it is clear what assets you have.
For all the above reasons, you will find Our Legal Services very helpful.
Disclaimer: This document is for general guidance only and does not constitute definitive legal advice. We do not accept any liability to anyone who relies on the contents of this document.