Lawyers, Bank Accounts, Making A Will

[Zeiad Yehia]

You're always welcome.

Zeiad

[r0ckcrew]

Hi Zeiad,

I would retrospectively like my partner and children to be beneficiaries in my Hurghada apartment in the event of my death.I signed the contract and P.O.A. in my name only.

What would be the best course of action to ensure my partner and children would be legitimate heirs to the property under Egyptian law.


Rgds

Tommy

In freehold case, a testator CAN issue a will to a beneficiary, given that this beneficiary is not a normal heir "son or daughter for instance", provided that the will shall not exceed 1/3 of the testator's capital and assets AFTER settling any potential debts.

The will, according to the abovementioned rules, MUST be registered in the notary public in order to be effective, especially against normal heirs. It is also crucial that the legatee "will's beneficiary" shall clearly accept the will AFTER the testator's death. Otherwise it is not effective.

Hi Zeiad,

So, having 4 children (2 adult 25 & 22 and 2 teenagers 16 & 13) and the contracts being in both mine and my husbands names, I take it to mean, from your quote above, that it is not necessary to take out a Will for our property in Egypt either whilst it's still in the building stages or when it is complete as the property would automatically be transferred to our children in the unfortunate event of both of us dying? Will it make any difference that the eldest 2 children are not from my current husband? I would hate to think they would miss out and just the younger 2 would inherit.

[Zeiad Yehia]

Dear SuziQ,

All the children will inherit, since both of your names are mentioned in the sale contract, and since your contract is a freehold one.

When it comes to inheritance in particular, the Islamic law applies between Muslims, while in case the spouses were not Muslims, they mus belong to the same religion, sect, and religious doctrine in order to apply their special rules on them. In the event "95%" they did not match in ALL the previous criteria, then the Islamic law applies. When the Islamic law applies this means that the kids "all of them" are definite heirs. However the 2 kids who are united between you and your spouse will inherit bigger portions, but again they will all inherit that's for sure.

All the best,

Zeiad Yehia
Solicitor

[Zeiad Yehia]

Originally Posted by r0ckcrew

Hi Zeiad,

I would retrospectively like my partner and children to be beneficiaries in my Hurghada apartment in the event of my death.I signed the contract and P.O.A. in my name only.

What would be the best course of action to ensure my partner and children would be legitimate heirs to the property under Egyptian law.


Rgds

Tommy

Dear Tommy,

First of all you can worry less. :-)

I'm pasting below the answer I just posted to another user concerning the same issue. Same answer applies in your case:

Dear Desres,

In fact all what Queenie has told you is right; Hurghada is a freehold that's for sure, and also you can read that post on wills.

However, in your situation, and since it is freehold, your kids will inherit the property automatically with no need for any additional procedures, since they are natural heirs. In the event you want additional protection for them, which is not really 'needed', but just -again- an "additional" protection, you may ask the developer to sign a statement acknowledging that in case of death the property goes automatically to your kids / wife / whoever with no procedures needed. However if this statement was included in your purchase contract as a clause, then the aforementioned statement is needless.

All the best,

Zeiad Yehia
Solicitor

[r0ckcrew]

Zeiad,

Many thanks for your response....

Rgds

Tommy

[Zeiad Yehia]

Originally Posted by r0ckcrew

Zeiad,

Many thanks for your response....

Rgds

Tommy

You're truly welcome.

All the best,

Zeiad Yehia
Solicitor

[Teds]

Originally Posted by queenie40something

Hi I have PM'd you Zeiads email address.

Can you please forward me Zeiad's email and other contact details

Thanks
Teds

[queenie40something]

Hi Teds you will find his new contact details here http://www.propertycommunity.com/forum/egypt...il-change.html xx

[The Smart Money]

Originally Posted by coco

Hi there this is my very first post although i have been reading this forum every day for a few weeks, I'm so glad i stumbled upon it during the search for our very first overseas investment.

Myself and my husband have decided to invest in Regency Beach and are hoping to fly out for the official launch in March. I was hoping to do as much paperworky type stuff as possible while out there can anyone please tell me what is needed for a non-resident to open a bank account i.e. what details and documents they will require, and maybe advise as to who is the best bank.

We also would like advice on rental agencies whether its just best to stick with the offer from the developer indeed if there is one! or to source our own agency.

Lawyers thats another one I'm so cautious and reluctant to use a "recommended" lawyer unless from independent parties such as yourselves who have no vested interest in the developer/agency.

any advice or opinions would be gratefully accepted because i'm such a wimp and dont mind telling you i'm scared to death! This is a whole new ball game to us and i'm now wondering should we stick with Bulgaria simply because its now EU Territory although the reports are not great with regards to re-sale.

Many thanks guys!

You can open a HSBC account online here:

HSBC Egypt - Accounts - Current Account

Steve