G. Kouzalis Law Firm informs you that in Cyprus, the management of the estate of an incapacitated person is an important legal process focused on protecting the interests of the incapacitated individual and ensuring their well-being.
According to Cypriot legislation, specifically the Law on the Management of the Property of Incapacitated Persons of 1996, anyone with an interest in protecting the incapacitated person may apply to the Court to have them declared as such. Following an assessment by the Court, considering relevant medical evaluations, an order is issued restricting the individual’s management of their estate and appointing an administrator.
The administrator of the estate of an incapacitated person has significant responsibilities and powers, including the care, management, and maintenance of the person’s property. The administrator must act in the best interest of the incapacitated person and comply with legal standards set by the Court. Additionally, regular reports must be submitted, providing detailed information on the management of the estate, usually on an annual basis unless otherwise ordered by the Court due to special circumstances.
The responsibility of the administrator is substantial and is reflected in legal provisions. The administrator must always act with care and honesty towards the incapacitated person, avoiding any instances of mismanagement or unlawful appropriation of property. Any breach by the administrator may lead to legal consequences, including financial penalties.
The termination of the administrator’s role is carried out upon the issuance of a Court Order, which occurs when the incapacitated person regains their capacity to manage their estate, upon the death of the incapacitated person, upon the discovery of mismanagement by the administrator, or if the administrator acts with deceit or negligence.
Overall, the management of an incapacitated person’s estate requires attention, transparency, and respect for the individual’s interests, aiming to ensure their well-being.
For further information on the matter, do not hesitate to contact J. Kouzalis Law Firm at 23811788 or at [email protected].
