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.
When you have children, you get lots of advice and tips from everyone but one area that tends to be overlooked is the financial aspect.
In the excitement of impending parenthood, or the crazy first few months – and years – you may never get around to taking some important financial steps. It’s too easy to forget this essential topic so this article is designed to be a useful guide to some of the issues you need to consider.
Multiple surveys have put the cost of raising a child at eye-watering levels over their first 18 years and expats working in the UAE have the added cost of education and medical bills to contend with.
Factor in university or college costs and the fact that many young adults may not be fully financially independent until closer to age 25, and you can see just how important it is to plan sensibly.
Let’s look at some of the financial steps you need to consider.
I last covered this topic many years ago, so it is time for an update. If you are a Brit with a foreign husband or wife, or you are not British but are married to a Brit, this article is for you.
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.
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.
When you have a child, you get lots of advice and tips from everyone but one area that tends to be overlooked is the financial aspect. In the excitement of impending parenthood, or the crazy first few months (or years!), you can forget this essential topic so this article is designed to be a useful guide to some of the issues you need to consider.
Multiple surveys have put the cost of raising a child at eye-watering levels over their first 18 years and expats working in the UAE have the added cost of education and medical bills to contend with. Let’s look at some of the financial practical steps you need to consider.
Due to changes in legislation, this article has been updated and rewritten to so please see the latest one.
Thank you
This articles has been update so please see the below link for the article from August 2024
Living in the UAE. 10 major money mistakes you want to avoid
Living in the UAE. 10 major money mistakes you want to avoid
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: