Ensure your Assets are distributed as you See Fit
Although making a will is not the most rock and roll thing you could ever do in life, it is arguably one of the most important. In the West there are always complications when someone dies and this is magnified should you be living as an expat in Dubai. This post looks at reasons you should make a will, even if you are a young twenty something.
No Will then Shari’a Law Applies
Under Shari’a law should you pass away, the state often decides who gets what in terms of your estate. This is very different from most western cultures where the law simply passes assets to your next of kin. Making a will, however, will ensure that your assets are passed down to the people you deem fit.
Do not rely on a ‘Shari’a Compliant Will’
The ‘Shari’a compliant will’ is not something you should rely on to see your assets distributed in accordance with your wishes. Unless you are of the Muslim faith, this will not carry much weight in terms of enacting your instructions. Even if you are of the Muslim faith, you can only leave up to one third of your estate to a Shari’a heir providing this is accepted by other involved in the inheritance. The remaining two thirds of the estate are then passed to others by the UAE government.
Use an Expert to Write your Will
It is always a good idea to use an expert to write your will. This is because they are complex legal document and as such, writing a will without having the legal knowledge will result in omissions. This can result in your will being more open to challenge which in turn will cause more stress for your loved ones.
Take Advantage of DIFC Wills and Probate
Dubai has become the first jurisdiction in the MENA region to recognise DIFC Wills and Probate. This gives you an opportunity to take control of your asset disposal upon death, as it ensures that internationally recognised common law applies should the worst happen.
Sounds Good What Next?
The best step forward is to speak to me, an award winning financial planner. I can help not just with wills and probate, but planning your wealth and ensuring you get the best possible return on your investments.
I can also ensure your insurances are covering you and your family, should life not pan out as you planned.
Get in touch today by clicking here and completing the Call Back Service form. It is time to make your will and plan your wealth.