Cypus Trust to by-pass probate

[kansas]

We're aware that when couples own a property jointly, i.e.title deeds 50/50, that following the death of one spouse, the property cannot be sold until the lengthy Cyprus probate has been completed.

We have been advised that transferring property, contents and car into a Cyprus Trust by-passes probate as the property is owned by the Trust and not by the individuals, who are the principal beneficiaries of the trust.

This sounds like a very neat solution but there must be a downside.

Does anyone have any additional information on Cyprus Trusts, or indeed has experience of one.

Would appreciate any comments.

Thanks

[trevnhil]

Two questions come to mind.. Can you actually transfer deeds from a person (or 2people) to a trust. And as it is not a transfer to family, will the big charges apply.
Secondly can a trust get insurance for a car... It would seem a strange thing to try to do.

[WHL]

Good Luck with that one

[Alewfin]

I believe a major drawback of a Trust, unless the law has changed, is the loss (€85,430) of the one time allowance against Capital Gains Tax from the sale of the property.

You would need to check with an accountant or lawyer to confirm / clarify.

[kansas]

Thanks for your input, and hopefully others might comment.

We're reviewing all the options available to make it easier on the one who's left behind, but we're aware that most of these neat solutions often come with hidden drawbacks.

[kansas]

Thanks for your input, and hopefully others might comment.

We're reviewing all the options available to make it easier on the one who's left behind, but we're aware that most of these neat solutions often come with hidden drawbacks.