Better Late Than Never – Importance of having a Will
If you are buying a property then you should also consider having a Will in place. Not just property, you can also cover your movable assets such as cars, bank accounts, businesses in your Will; not to forget appointing guardians for your minor children should something happen to you whilst they are still minors.
In most cases people tend to ignore the idea of having a Will as it is corelated to death and this thought itself is hard to digest. So be fearless and start thinking of a Will as soon as possible that can be enforceable in the UAE allowing your assets to be passed on to your loved ones should something happen to you.
Key aspects to be kept in mind:
Assets: Preparing a list of all your assets;
Location: The jurisdiction to be covered in the Will (whether Dubai Estate or also your Home Country Estate);
Individuals: Executors of your choice who will execute your wishes;
Beneficiaries: Individuals who will benefit from your Will (spouse, children, grandchildren)
Guardianship: Individuals who will take care of your children (below the age of 21); and
Special conditions: Any specific legacies for distribution.
Although there is a cost factor to consider, it is certainly a ‘must have’ document in your safe for future use and benefit for your dependents. In addition to the material aspects that can be covered in the Will, Guardianship is another factor that one must consider in case of minor children especially if you do not have an immediate family member in the UAE.
Although one can certainly use the standard drafts provided by Dubai International Financial Centre (DIFC), drafting a bespoke Will by specialists allows you to specifically pick and choose the manner in which your legacy is distributed and to avoid any invalidation and delays in enforcing the Will, after your death.
Besides DIFC, one could also register Wills with the Dubai Courts or Abu Dhabi Judicial Department. The official registration fees will differ depending on the place of registration.
It is difficult to get to grips with the idea or even discuss death, but given the circumstances that are now prevailing all over the world due to the pandemic and other factors, it is better late than never to ensure protection of your legacy and executing your wishes when distributing your legacy with your loved ones.
PAS can arrange introduction to some of the registered practitioners to enable a one stop experience for the buyer. Get in touch with us and see how we can help.