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.”
I am currently helping out someone in a tragic situation. Gemma (not her real name) is having to deal with a legal and financial nightmare.
Her husband died in an accident a couple of months ago, leaving her with two young children.
Apparently, they had said in passing that they needed to get their family finances sorted, to get wills and some life insurance, but they never got around to it.
Now she has to deal with the mess left behind and needs to support herself and two children on one income.
It is going to be hard.
But it didn’t need to be this way.
This was not a Budget according to the Chancellor of the Exchequer, Rachel Reeves, but rather a forecast statement so we were not expecting much in the way of announcements.
It was information about the financial balance sheet of the UK.
Following every Budget or Statement, I write an article to give you a concise overview of some of the main points, with particular reference to any changes that have particular relevance to those living outside of the UK, and especially in the GCC.
The British press will cover many points in detail but much of it will not be directly relevant to those of us who do not live in the UK so this article focuses on the issues that will be of most interest to us.
Moving to the UAE is a big change. Living in the UAE, or even the wider GCC, is not quite like life elsewhere.
It is not uncommon for expats for make a few financial mistakes but proper planning, some research, and the right advice will make for a better experience, and a better life generally.
This article has a list of the most common errors and while some may seem obvious, they are all made regularly. Knowledge is power so have a read and make sure you aren’t making mistakes that you could easily avoid.
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:
Whether or not you make formal resolutions at the start of a year, I am willing to bet that you have certain hopes when it comes to your financial situation.
You may dream of retiring at age 55. Perhaps you want to buy a holiday home or an investment property? Do you want to take a year off to travel the world? Maybe you know you need to put a few things in place to get properly organised?
You need to take action to turn these hopes into reality.
Invariably we could all do a little better and a little focus rarely goes amiss. With that in mind here’s a list of 10 steps you can take to get yourself financially fitter in 2024.
UK property has a great deal of potential as an investment and it is easier to get into than you might think, with lower starting prices and plenty of benefits.
Read on to find out why UK property could be good for you.
In an uncertain world, it is understandable that we have seen an increase in interest in investing in property. It is human nature to want to put your money into something that you 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.
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.
I have published articles on this topic before but in light of the changes to the personal status laws in the UAE in 2020, this has been updated to cover the new rules. This also includes the minor amendments for 2022 and a change for Muslim expats in 2023.
If you have assets, and more importantly, if you have children, then you need a Will. This is a subject that many people are reluctant to address but there are many misconceptions and an all too common reluctance to talk about the relevant issues. In this article I want to set out a few facts and answer the most common questions.
I am sure most people have seen the articles about some significant legislative changes in the UAE with changes to the penal code and personal status laws and these are very positive in all respects. In this article, I want to explain what this actually means in relation to the financial issues, as headlines are not always quite what they seem and there are subjects that still need to be considered and addressed by expats, especially in terms of the distribution of assets in death.
Let’s address the various points in turn.