Categories
Assets Protection

Assets protection in the UAE: Should you register your Will?

Have you ever thought about what will happen to all your priced possession/ assets located in the UAE after your demise? If not, then it’s the right time for you to consider the protection of your assets before it’s too late. Our clients entrust us with their assets protection in the UAE. We will guide you through the most accessible ways of protecting your assets. Before moving further, it’s crucial to know why assets placed in the UAE needs to be protected.

Why you must protect your Assets?

Assets are protected to reduce the risk of losing your earned property (money, real estate investments, jewelry, vehicles and personal or household belongings). Assets are the base for financial stability and, when there is stability there is physical and mental security beneficial for you and to your loved ones. So, protection of your assets on time is the initial step towards prosperity.

There are a number of ways to protect your valuable assets in the UAE. Among them, Drafting and registering a Will is the most preferred, especially concerning expatriates.

What is Will?

In plain language, a Will is the legal document containing instructions or wishes of a person regarding the disposal of his/her property or assets and appointment of temporary or permanent guardian after death. If you are a Non-Muslim expatriate and want to ease matters for your beneficiaries after death, it’s very important to register your Will in the UAE. In the absence of a Will, the UAE court will apply Sharia Law to all of your assets (both movable and immovable) situated inside the UAE and right over your children.

This means if a person belonging to any religion dies without a Will, the UAE court will follow inheritance and guardianship provisions as per the Sharia Law. As inheritance is predetermined, here’s a simple Shariah rule:

  • Wife receives 1/8th of the total asset
  • Mother and father gets 1/6 each
  • Son received double of what daughters receive

To this end, it’s always advisable to register your Will. Here are some of the benefits of registering your will in the UAE.

Distribution of Assets

When a Will is drafted, you can decide to choose your national law as the governing law of the Will made concerning the UAE Assets and freely distribute it as desired. We provide Asset Protection Services in the UAE

Guardianship

A registered Will ensures that the living parent remains the appointed guardian of minor children after their father’s death. In the absence of a Will, the other parent is at risk of not being appointed as the guardian of the minor children. We provide Asset Protection Services in the UAE

Bank Accounts

The bank account automatically freezes upon the death of an account holder; be it a single or joint account. But, if you have a Will in place, the surviving spouse can have an overall control of bank accounts upon completion of the probate process. We provide Asset Protection Services in the UAE

 

Cancellation of Visas

If family’s visas are linked to the deceased father, then the family members needs to leave the UAE within 30 days as per the UAE law. This means that they must resolve the important inheritance issues in an effective and timely manner before leaving the UAE.

For this desired speedy process, having a Will is an important instrument to resolve distribution of assets and appointment of guardians within such short period of time.

So it’s important to have a will for the assets protection in the UAE as well as for the protection of your children.

We provide Asset Protection Services in the UAE

Where can you register your Will?

Wills are registered either at Dubai International Financial Centre (DIFC) or Dubai Court.

Because of its nature and significance, drafting a strong, error free Will is absolutely crucial. The team at Legal Maxims Consultants is equipped with professional experts in these matters and is the most trusted ones when it comes to Asset Protection Services in Dubai, UAE. If you are willing to register your will but wondering how to do it amidst the pandemic, we got the solution for you – We provide Asset Protection Services in the UAE.

To obtain more information about Asset Protection Services in the UAE don’t hesitate to contact us.

Leave a Reply

Your email address will not be published. Required fields are marked *