22 Dec Dubai International Financial Centre (DIFC) Wills for Dubai Residents
Learn how you can get DIFC Wills to secure your assets for your family and loved ones.
Understand the basics
A Will is a legal document that says how you want your estate to be allocated once you pass away. Your estate includes what you own and what you owe. A proper Will can help your estate representative deal with your estate when you pass away.
You’re not legally required to prepare a Will. However, if you don’t have a Will and pass away without one, your Dubai assets will be processed by the local courts under Sharia succession law regardless of your religion. That means the local assets (including company shares and assets) will all be distributed as the local rules dictate, without regard for your own opinions about who should gain from your estate.
The last thing you’d want is to have your spouse, family, and loved ones going through additional challenges by navigating unfamiliar succession laws distinct from succession rules found worldwide. The DIFC Will give you and your family peace of mind.
How the DIFC Wills & Probate Registry can help
If you are non-Muslim, you can create a Will with the DIFC Wills & Probate Registry in English, ensuring that your local and global assets are split according to your wishes. You can also appoint guardians for children under 21 who are residents of Dubai or Ras Al Khaimah.
We recommend that you seek professional advice on whether this Will can cover worldwide assets based on the rules of the jurisdiction where your assets are located.
DIFC Wills are prepared by a draftsman registered with the DIFC Courts Wills Service and need to be signed and registered at the DIFC. The fees can range from AED 5,000 (USD $1361) to AED 15,000 (USD $4084), depending on the intricacy of the Will.
You will need to bring two witnesses to the Will signing. The witnesses must be above 21 years of age and cannot be a Beneficiary (or a spouse of a Beneficiary or a Guardian) mentioned in the Will. Once the DIFC Will is signed and registered with the DIFC Courts Wills Service, it is legally binding.
DIFC Wills under the DIFC Courts are retained electronically in the Wills Registry for Non-Muslims at the DIFC Courts’ records. The electronic format Will retained by DIFC is treated as the original Will for DIFC purposes.
I’m convinced; what do I need to do next
You can consult with a law firm that can advise on the best way to protect your legacy; however, if you already have that step sorted, you can find a draftsman for your Will through the DIFC website and schedule an appointment.
Our business consultants in Dubai can assist you if you need assistance finding a suitable provider. Contact us today!
Also, don’t forget to see the comparison between Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM)
No Comments