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.”
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:
This article has been superseded by one published on 25th August 2020
New to Dubai? Important facts and financial information
If you have children there is no question that they are the most valuable thing you can think of. So have you done all you can to protect them?
How would your family manage if you died and your income was lost? How would they manage without you to take care of them?
Would they be able to maintain their standard of living? Would your children’s education remain unaffected? Would any outstanding loans or debt be repaid?
These are all big questions and not ones we like to think about but tackle them now, take the right steps, and then you can relax knowing that if the worst should happen they will at least be financially secure.
Money does not replace a beloved husband or wife or a parent, but it’s even worse if those left behind are worrying about money and how they’ll manage. These are not subjects that we want to think about but the kindest action is to take the right steps to safeguard your family should the worst happen.
These are some of the issues you need to consider.