A change in UAE law affects expats who hold bank accounts, property, or other assets in the UAE.
I have written about the many reasons why you need a Will in the past (see 15 reasons here) but this is something new.
If you pass away without a registered Will, your assets are now classified as “unassigned.”
Arranging suitable wills is an important part of financial planning and one that is too often overlooked or not addressed as it seems complicated – but can be much easier to organise than you might think.
Wills are important and if you don’t have one this is something you need to address.
Here are 15 reasons why you need a will:
This article is designed to give you an overview of the sensible and practical steps that you should take to protect yourself and your family while resident in the UAE. I have written about each of these topics before, on this website, in the press, talked about it on radio and in presentations but it is so important that everyone understands what they should do to plan – just in case – and this article brings these topics together.
Sometimes in life the worse does happen, people die, and it is essential to be prepared, even more so when living in the UAE.
In 18 years in the UAE I have been involved in a number of cases where a client has died and it is a particularly stressful experience due to local complications. Planning ahead and doing all you can so that you or your family are not left without access to money matters a great deal. This is not about being maudlin, but about looking after your family.
In an uncertain world, it is understandable that we have seen an increase in property as an investment class. People have always liked investments that they fully understand, or can see and touch. Property markets are not equal and the legalities and potential for growth and/or income vary hugely but Europe still presents many opportunities for long-term investment and yield.
Recent surveys have shown that many expats are keen to invest in property in their home country either as they consider it a more secure place than where they are currently living or as a potential base should they need to move back.
The recent upheavals in work, schooling, lifestyle and more has made many reflect on the lives that they want to lead, and to consider future plans. Initially, I saw an uplift in enquiries for wills and life cover, and while these are still popular, I am now being contacted by people about property investment in the UK and Germany. Fortunately, I can assist with both and you can invest without leaving home.
The DIFC Wills Service Centre (formerly called the DIFC Wills and Probate Registry) has confirmed changes to the rules (the Amendments) which will come into effect from 30th June 2019. This is good news for anyone with UAE assets.
There are two major changes, summarised as follows: