If you’re an ex-pat living in UAE, you should consider creating a will in Dubai. Without a will, UAE law could freeze your bank account, including joint accounts, and cancel your resident status if you have children. It could also start dividing your estate among distant relatives based on an arbitrary formula.
Duties of executors:
When a will is written, the estate executor will have many duties. These tasks include locating and applying for probate, notifying beneficiaries, checking assets, collecting valuables, determining debts and liabilities, and paying the estate. In addition, there are common law fiduciary duties to fulfill. The executor should consult a lawyer, accountant, or estate administration specialist to ensure they correctly fulfill their duties.
One of the most common reasons people make a will in UAE is to designate who will receive a portion of the deceased’s assets. A spouse is often named the primary beneficiary. Other times, children or siblings are designated as alternate beneficiaries. The signatory can also choose someone else based on their interests. In any case, it is important to designate a beneficiary to avoid ambiguity.
Ensure your assets are distributed to your loved ones:
Creating a will is essential to ensure your assets are distributed to your loved ones. The process can be time-consuming and complicated. Hence, it is important to engage an agent to assist you in the process. These agents can guide you step-by-step through the procedure, from document verification to processing.
Sharia law applies to non-Muslim expatriates’ wills:
If an ex-pat dies without making a will, UAE courts apply Sharia law to their assets. A will makes the arrangements for your loved ones easier and offers you peace of mind that your wishes will be fulfilled. However, you should know that Muslim and non-Muslim expatriates are subject to different inheritance laws.
It determines how your assets will be distributed upon your death:
Writing a will to determine how your assets will be distributed upon your death is essential. In addition, you may also want to provide for your beloved pet or elderly parents. Making a will ensures that these people receive the care and attention they deserve without any issues. However, you must make sure that your will is legal. This means consulting with a lawyer. If you change your mind about your wishes after making your will, you should also change it.