UAE Will Set Up: Safeguard Your Family, Protect Your AssetsNov 10, 2023
There is a crucial element of financial planning in the UAE that often goes unnoticed but is essential for ensuring the future well-being of your family: establishing a will.
This blog focuses exclusively on the significance of this aspect, with specific attention to family protection, particularly considerations for UAE residents.
Even though the information below is specifically focused on the UAE, I implore you to look into wills and inheritance in your current country of residence and home country.
Guardianship of Children
For parents with children, a guardianship will is an absolute necessity. One of the foremost concerns for parents is ensuring the well-being of their children, particularly in unforeseen circumstances.
Creating a will in the UAE enables you to nominate both permanent and temporary guardians for your children. This ensures that your little ones will be looked after by individuals you trust and who share your values and beliefs. Guaranteeing the child's welfare is of utmost importance, and having a will can help clearly define your preferences in such situations.
Avoiding Family Disputes & Legal Battles
Arguably, one of the most significant advantages of having a will is the ability to prevent family disputes and costly legal battles. Knowing that your estate will be distributed according to your wishes promotes harmony within your family during a challenging time.
Protect Your Assets
The UAE has specific laws governing real estate owned by expatriates. Without a valid will, your assets will be distributed in accordance with UAE law (Sharia law - see image at the bottom of this blog), leaving you with limited control.
Did you know? In the event of a spouse's passing, the surviving partner may not have immediate access to joint bank accounts. Further, the distribution of assets is determined by the UAE court's instructions, especially in the absence of a registered will. This process can be time-consuming and may lead to asset distribution under Sharia Law, potentially leaving the surviving spouse with a limited share.
Business Succession Planning
For business owners, business succession planning is of paramount importance. Your will designates beneficiaries for your estate or shares and appoints executors responsible for overseeing the administration of your estate after your passing. This ensures a seamless transition of business ownership, maintaining continuity and preserving your hard-earned legacy.
What about Muslim Expats?
There are options available for Muslim Expats (not Emiratis) who wish to set up a non-Muslim will. Keep in mind that if at any time in your life you considered yourself Muslim, Sharia law would apply to you in UAE.
Setting up a will in the UAE is not just a responsible step but a proactive measure to protect your assets, safeguard your family, and avoid complications. The laws in your home country may not align with your specific desires for asset distribution and guardianship, making a will in the UAE an indispensable component of your financial planning.
The protection of your family and the preservation of your assets should be a top priority. I’m here to help you navigate this essential aspect of financial planning in the UAE.
For the next 4 weeks, I’ll be offering free consultations to set up your UAE will.
- Complete wills questionnaire
- Submit documentation (passport, visa, EID, proof of address)
- Law firms will draft will
- Once finalized, it will be registered with the appropriate UAE Court
Note: Set-up costs can vary from approx 5000 AED to 2000 AED - this covers the legal fees and UAE judiciary registration fees. Home country wills can be included for an additional 2500 AED per country.
Let's get this sorted out before the year is up! Click here to set up your UAE Will.
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