60 per cent of Dubai and RAK expats make enquirers about financial saving and getting a will during their stay in the UAE
With more expats staying longer in Dubai and accumulating assets, the need to protect who will inherit their properties and assets is also increasing.
This concern is being looked into by the Dubai International Financial Center (DIFC) Wills and Probate Registry, which is a new system that allows non-Muslims to choose what will happen to their assets in a simple, secure and confidential process.This is great news for everyone looking for a property for sale in Dubai, buyers will be secure in the knowledge that their assets will be protected in a simple and secure manner.
A survey conducted by the DIFC Wills and Probate Registry suggests, “Gone are the days of Dubai being a place where people come solely to seek their fortune. Amidst the luxury and glamour, a new family first culture is emerging, with latest findings revealing that children replace material wealth as the most valuable assets for 29 per cent of Dubai residents”.
Additionally, the survey suggests that approximately 60 per cent of Dubai and Ras Al Khaimah residents are seriously considering securing financial savings during their stay in the UAE and they are also thinking about protecting their assets by getting a will.
Family the precious possession
“The poll highlights that residents see their family as their most precious possessions, and that they are also looking to secure investments here in Dubai for their future. Sadly, children and assets can be left exposed, and vulnerable, should there be a sudden death in the family,” commented Sean Hird, director at the registry.
“As many residents choose the summer to head back to their home country on holiday, we recommend they spend a little time to get ready to register a DIFC will on their return,” he added.
Hird explained that “it is important to begin by considering how those around you may be affected in the future. Do you ever wonder whom you would pass your assets to? If you are a parent, whom would you appoint as guardian to your children? Have these all-important conversations with your chosen executor, guardians and beneficiaries and gather the details you need to get your will registered”.
Four types of wills:
1. Full Will:A full will cover all of your assets, ranging from cars to luxury goods and property, as well as guardianship provision for children.
2. Guardianship Will:A guardianship will cover the appointment of guardians for children.
3. Property Will:A property will covers up to five properties in Dubai and/or Ras Al Khaimah.
4. Free Zone Company Will:A free zone company will is useful for owners and shareholders of free zones in Dubai and Ras Al Khaimah, including the Ras Al Khaimah International Corporate Center (RAKICC).
Who can register a will?
1. You are not Muslim and have never been a Muslim
2. You are over 21 years of age
3. You own assets in Dubai and/or Ras Al Khaimah and/or have minor children residing with you in Dubai and/or Ras Al Khaimah.