I came across an article the other day in the National about Wills and inheritance laws in the UAE. Since I speak to a lot of business owners about this issue, I decided to create this post supporting the article on the ‘The National newspaper’.
Inheritance Planning is a term used for planning for what you leave behind, after you leave, for your heavenly abode. When a person passes away without a “Will” / “Wasiyat”, or dies “intestate” as legally mentioned, the property of the deceased is distributed according to the law of the land on personal affairs.
In other words, if you do not have a “Will”, you do not have anything to base on as to how your estate is distributed. An “Estate” applies not just to your real estate, but anything of value like money, bank accounts, cars, furniture, books, bonds, investments, jewelry, family inheritances, etc.[quote]Your “Last Will & Testament” is a document that details exactly what you would like to do with your estate in the event of your death.[/quote]
The document can cover all aspects of your life, from physical assets such as property, investments or cash to your last wishes.
But, despite the fact that UAE courts only accept transactions related to marriage, divorce and other issues only from Muslims of any nationality, they also accept “Wills” from expatriates of any religion or any nationality as people belonging to other religions also reside in UAE.
Business owners have it worse. SME owners and owners of large conglomerates have much more to lose since running a business requires a large base of assets to be built locally and internationally. The absence of proper inheritance planning can bring a family used to a millionaire’s lifestyle down to their knees in a matter of days.
As an expatriate, whether you are employed or a business owner, please take some time off to focus on your own inheritance planning and save your family from the financial grief that is sure to follow should something happen to you in the UAE.
Step 1 – Meet a certified financial planner to take stock of all your assets and liabilities in the UAE and abroad.
Step 2 – Meet a Wills and inheritance planning specialist to have a will drawn up to cover the distribution of your assets as per your wishes.
Step 3 – Take steps to protect your family against any liabilities you may have through proper insurance.
Need some help? Click on the image below to ask a question or contact us.
Amit is an Independent Financial Advisor, based in Dubai since 1997. He is part of the prestigious ‘Million Dollar Round Table’ (MDRT), which is an elite club of the best financial advisors worldwide.
He has authored the ‘6-Step Financial Success Guide’, and the book ‘Creating, Preserving, Distributing Wealth’.
He helps business owners and professionals ‘Create A Second Income’ through investments.
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