In the UNITED ARAB EMIRATES (UAE), Estate Planning is not merely a financial consideration, it is a fundamental safeguard ensuring the seamless transfer of wealth and protection of assets for future generations.
Drafting and registering a Will is a crucial step in securing your valuable assets, and the life savings allowing you to dictate how your valuable assets and hard-earned monies are distributed and thus mitigating potential legal complications for your loved ones.
Recognizing the importance of this process, the UAE has established specific legal frameworks to facilitate easy registration of Wills, particularly for expatriates seeking to protect their wealth and beneficiaries.
- Clearly designate beneficiaries for your assets, including real estate, bank accounts, automobiles, jewellery, bonds, insurance policies, and other valuables.
- Establish clear directives regarding the guardianship of your children, ensuring their well-being and security in the event of unforeseen circumstances.
- Reduce the likelihood of inheritance conflicts among heirs by providing clarity on asset distribution.
- Guarantee that the will adheres to local legal requirements, ensuring its enforceability before the UAE Courts.
THE IMPORTANCE OF DRAFTING A WILL IN THE UAE
Even if an individual has a Will registered in their home country, it is highly advisable to register a separate Will in the UAE. This ensures that UAE assets are protected and distributed according to the testator’s instructions, as UAE courts primarily recognize and enforce local laws of the land.
Without a registered Will, the legal process that ensues upon an individual’s passing may result in the temporary freezing of bank accounts and other financial assets, potentially creating financial hardship for surviving family members.
KEY CONSIDERATIONS WHEN DRAFTING A WILL
COMPREHENSIVE ASSET COVERAGE
A well-structured Will should comprehensively cover all assets owned by the testator at the time of their passing, including both movable and immovable assets.
The Wills we draft follow a blanket approach, ensuring that all assets owned at the time of death are seamlessly transferred to the designated beneficiaries. This means that if the testator acquires or disposes of any property in the future, the Will remains valid and automatically applies to the updated asset portfolio, eliminating the need for amendments.
ADVANTAGES OF REGISTERING A WILL IN THE UAE
Legal Enforceability: A registered will guarantees legal recognition, preventing unnecessary legal hurdles during asset distribution.
Expedited Probate Process: Reduces procedural delays, ensuring that heirs gain access to assets without prolonged court proceedings.
Peace of Mind: Provides absolute certainty that an individual’s estate will be handled in accordance with their specific instructions, protecting both financial and personal interests.
CONCLUSION
Author: Deepak Azad
Senior Associate
