Most people agree that a Will is a good idea—theoretically! Practically, however, it is at the bottom of their priority list. Creating a Will is indispensable to a comprehensive financial plan, especially if you are an expatriate living in the UAE with family.
If you still think a Will is not a necessity, here is a quick background. Many residents are unaware that the law of UAE does not recognise the common law and the natural succession that you may be used to in your home country. According to Sharia law, in the absence of a written and registered Will, your property will not naturally transfer to your surviving heir, especially if you are a non-Muslim.
If this worries you, it could be soothing to know that there is a well laid-out process to offer local and expatriate residents of UAE a legal solution to the succession issue. Now, you are free to register English language Wills that distributes your inheritance according to your wishes. You can notarise and register Wills in either Dubai courts or DIFC’s Wills Service Centre (WSC) or Abu Dhabi Wills Registry. Come over for a chat and we can explain the differences between the three.
If you are a man, the UAE law recognizes you as the sole guardian of your children. In the event of your demise, your spouse does not gain natural guardianship, unless your Will specifies it explicitly. This could be a sure shock to the mother of your children, not to add the emotional turmoil and legal mess she could land up in, before gaining guardianship of children and succession of your assets.
If you are a woman, you need asset protection as much as men do. It is noteworthy that 68 percent of all Wills registered in the UAE are Mirror Wills, which are mutually and equally executed by both husband and wife. A well-worded Will gives you complete peace, of knowing that your assets would be available to protect your family and business in the exact manner in which you wanted it.
You can allocate exactly how much must be dedicated to your final expenses, including a funeral, which could be expensive. This prevents putting your family through financial stress, in addition to the mental trauma of your loss. You can secure your kids’ future by allocating funds or future dividends from your investment to ensure your kids can afford a good college education.
A Will is the biggest support that you can extend to your surviving spouse, long after you are gone, helping him or her stay solvent. Through a Will, you can also list down your assets and liabilities, and guide your spouse to pay off any debts, taxes, or mortgages you might have left unpaid. This equips them to cope with the loss of your income, as they try to help the family recover from their emotional loss.
Are you the sole owner of your business? How much cash will your firm need to continue working, after your demise? Who among your inheritors will continue the business? How much will they need to successfully run the show? What assets do you prefer to be sold in case your heirs need liquid funds?
If you are one among equal partners of your business, what happens to the asset and liabilities arrangement with your partner and your heirs? Death could come in abruptly, changing what you want for your business. Prevent that by registering a Will.
Here are the criteria you must meet to be eligible for a will registry in UAE:
It is crucial that a valuable legal document as your Will must include all details that cover all aspects of your case. So, it is recommended that to draft the actual Will, you seek the help of a finance expert and a licensed legal practitioner.
Book an appointment with us today, and over a pleasant discussion, you can list out all the important aspects you need to cover, including property transfer and guardianship of any minor children. The Will, when drafted, signed, and registered, will then be stored safely as an electronic document.
Speak with one of our experts if you have any questions, or if you’re not sure which plan best suits you.
Our team would be delighted to guide you through all of your options and choices.
