WHY A WILL?
Register a “WILL “
Safeguard your ASSETS
What is a Will?
A Will is legal document where a person specifies his final
wishes for distribution of his assets after his death.
In other words, a Will or testament is a legal declaration by
which person names one or more persons as beneficiaries to manage his property after death
So it is necessary to register a WILL to assure that your assets reach in right hands.
A will should be drawn up with the help of legal
professionals well-versed on the subject.
legal Maxims consultants is expertise in drafting & registering WILLS.
Secure all your foreign assets, future assets and
domestic assets and even appoint a guardian for
your minor children under a single WILL.
A Joint Will & Mutual Wills
A Joint Will is a single document that allows for a couple to combine their Last Will and Testament. Normally, one partner inherits the entire estate when the other dies. When the second partner dies, the estate will be handled as agreed to by both partners.
Mutual Wills offer couples essentially the same thing. Mutual Will are generally two identical Wills supported by a separate document that commits the surviving partner to a particular distribution of their estate, in effect, it creates a Joint Will.
Reciprocal and Mirror Wills
Reciprocal or Mirror Wills are separate Wills in the individual names of both partners, that describe essentially the same terms. Names aside, they are often identical, but don’t necessarily have to be. Most commonly, Mirror Wills have the surviving partner and children inheriting the estate. While there is no contract or binding agreement in place that prevents the surviving partner from amending their own Will later on, Mirror Wills don’t have the heavy-handed rigidity or the legal ambiguity of Joint or Mutual Wills.
Article 17 of the UAE Civil Code lays down that inheritance of the property shall be governed by the law of the testator at the time of his/her death. However, Wills and other matters relating to personal affairs are generally governed in the UAE by Federal Law 28 of 2005, known as the Law of Personal Status, which is based on Islamic Law. If a person does not leave a will, or the will is declared invalid, the person will have died intestate (not having made a will before one dies).
Thus, a Will can:-
1. Secure the interest of the Legatee or beneficiary of such Will
2. Pre-determine the applicability of law of the testator
3. Will is revocable during the life time of the testator.
Registration & Beneficiary
• Registration of a Will can be made with Dubai International Financial Centre’s (DIFC) Wills and Probate.
• Wills and Probate Registry allow non-Muslims to register their will, which allows them to transfer their assets as they wish upon their death.
• Earlier UAE courts would apply Sharia to non-Muslims in case of death, since courts did not recognize wills from outside the country.
• Registration of a will avoids the pre-set inheritance formulae which is the applicability of the Sharia Law by default.
• A beneficiary or Legatee can be any person including a minor and a lunatic
• A will can protect a minor’s interest in bequeathing property through executor/trustees till the time of attaining majority.