3 Reasons why you need a DIFC Will

03/01/2018

   

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If you are a UAE expat and die without having a UAE will in place, you could leave your loved ones with a nightmare scenario. Without a UAE testament, your UAE assets will certainly be frozen, and your estate could remain tangled up in probate for up to two years. 

Your assets, including your bank accounts, will be frozen immediately. This will happen to all your single and joint bank accounts. Consequently, your loved ones could not withdraw money from your bank account for your bills, loans and mortgages. Your debts don’t die with you and need to be paid by your hires. Also, your children could probably not leave the UAE because of uncertain guardianship. Therefore, registering a DIFC Will can help you to protect your assets and your loved ones.

Especially if you have assets or property in the UAE, if you got married or divorced in the UAE or elsewhere or if you have children, it is very important to have a Sharia compliant will registered in the UAE. Here are 3 reasons why you need a DIFC Will to avoid a nightmare scenario for your loved ones:

1. You will stay longer than planned

According to a survey conducted by the DIFC Wills & Probate Registry, nearly 60 % of the survey participants don’t see Dubai as a permanent home. They would move back home or move on to another country at some point in the future. However, more than 60 % of Dubai expats stay significantly longer than they had originally thought. There could be similar numbers in Ras Al Khaimah as well, with most of the expats having assets in Ras Al Khaimah and/or Dubai. 

2. Your home country will isn’t valid

You may already have a will made in your home country for your assets there that doesn’t include your UAE assets. Even if you have a will in your own country including your UAE estate, it will most likely not be valid. You need to register a Sharia compliant will in the UAE to protect your assets here. Especially if you have real estate in Dubai and/or Ras Al Khaimah, it could be important to register a DIFC Will to protect your property. 

3. Your PoA turns void upon death

To have a Power of Attorney (PoA) in place is important. With a PoA your spouse or trusted person could take care about certain assets if you are not in the country or in case you get sick. However, a POA is only providing legal control over assets during lifetime and becomes void upon death. Therefore, a PoA isn’t a substitute for a will. 

If you have any questions, please do not hesitate to send an email to contact@businesscenter.me or call +971563899260. Our MEO competence team is experienced in drafting and registering DIFC Wills and we are looking forward to assisting you.