Will and Succession Planning: What You Need To Know!

While we talk about the different verticals of law, one of the major, yet overlooked part of it is Will and Succession Planning.
What is a Will?
To get you up to speed, a Will can be defined as a document carries the name of the person who is going to inherit your assets. The Will can also specify other things like a wish or a task that the guardian wants the inheritor to carry out.
How can it be executed later?
It is later executed using probate, and this ensures the authenticity of the will as well as ensure that the right person gets the right proportion of inheritance. The probate is processed through the court, and upon successful validation, the inheritance is distributed as per the requirements stated in the will.
What is the inheritance law of the U.A.E.?
It is a matter of great concern when a large portion of UAE citizens are unaware of the UAE inheritance system, especially expatriates. In UAE, Inheritance is guided by Sharia Laws, and they apply to every Muslim nation.
When the time comes, the Will is The probate is also offered the verdict of guardianship if there are minor children involved.
What about expatriates? How does UAE inheritance laws apply to them?
The nationals of the UAE can get their inheritance based on the rulings of the Sharia law, but many expatriates do not know how the system works with them in the equation. This is also one of the major reasons why expatriates shy away from buying land or other investments in UAE. It is best to meet with legal consultants in Dubai before you give up on it completely.
However, these concerns are there because they do not know how the rules in UAE are structured. Article 1(2) of Federal Law No. 28 of 2005 allows the expatriates, even non-Muslim personal, the freedom to make a will that is based on their home country’s personal law. However, care must be taken to ensure that the will is translated into Arabic and then duly notarized with the Notary public in UAE.
If an expatriate dies without a will in place, then the UAE government will process the inheritance based on the Sharia law. The task of processing your inheritance will be dealt with by the local courts. The processing takes places with the following procedure in place;
• All joint/personal bank accounts will be frozen
• All the dependent visas will undergo cancellation
• Your assets will be processed using the Sharia Law
• The court will assign the guardian for the minors children
• The inheritance distribution may not be as per your home country’s rules
• Divorced spouses will be one among the benefactors to the wealth
• Investments with the inheritance capital will be delayed till the end of processingr
Since such complexities are involved, we can’t stress enough on the matter of making a will for your assets. Having a will set in place will help the inheritors from a great deal of malevolence, not to mention that the legal proceedings will cause the bank accounts to freeze and pauses any ongoing or upcoming investments till it’s over.
Real estate division is another matter of complexity, and its best get professional help from real estate lawyers in Dubai when it comes to sorting out the inheritance system applied on real estate. We are a team of professionals, comprising of the best lawyers in Dubai, who have helped numerous clients with their wills and inheritance models. Get in touch with us, and we will help you sort things out the way you want it.