More UAE residents thinking of getting a will

Dubai - 60 per cent of Dubai and RAK residents would like to acquire financial saving during their stay in the UAE and they are thinking about getting a will.

As more expats stay longer and accumulate assets in Dubai, the need to secure who will inherit their assets is also increasing.
This issue is being addressed by the Dubai International Financial Centre (DIFC) Wills and Probate Registry which allows non-Muslims the chance to choose what happens to their assets in a simple, secure and confidential process.
According to a recent survey by the DIFC Wills and Probate Registry, "gone are the days of Dubai being a place where people come solely to seek their fortune. Amidst the luxury and glamour, a new family first culture is emerging, with latest findings revealing that children replace material wealth as the most valuable assets for 29 per cent of Dubai residents".
Moreover, 60 per cent of Dubai and Ras Al Khaimah residents would like to acquire financial saving during their stay in the UAE and they are thinking about getting a will.
"The poll highlights that residents see their family as their most precious possessions, and that they are also looking to secure investments here in Dubai for their future. Sadly, children and assets can be left exposed, and vulnerable, should there be a sudden death in the family," said Sean Hird, director at the registry.
"As many residents choose the summer to head back to their home country on holiday, we recommend they spend a little time to get ready to register a DIFC will on their return," he added.
Hird explained that "it is important to begin by considering how those around you may be affected in the future. Do you ever wonder whom you would pass your assets to? If you are a parent, whom would you appoint as guardian to your children? Have these all-important conversations with your chosen executor, guardians and beneficiaries and gather the details you need to get your will registered".
Who can be an executor of a will?
"An executor is the person legally responsible to carry out the wishes of the deceased. Before drafting a will, you should consider whom you will appoint to execute your wishes. Before nominating your executor or executors, make sure they are aware of the role you would like them to fulfil, and that they are comfortable with your decision," Hird told Khaleej Times.
Hird reminded expat parents that they should start planning ahead. "Let's not forget that a will is something that single people, as well as business owners, should also be considering. As we accumulate more assets over time, it is also very simple to update your will with the registry - meaning it's an option for everyone."
What is the DIFC Wills and Probate Registry?
DIFC Wills and Probate Registry is an initiative of the Dubai government that gives effect to the freedom provided by UAE Personal Status Law and allows non-Muslims the chance to choose what happens to their assets. It was established by Resolution No. 4 of 2014 issued by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre. The registry is established under the jurisdiction of the DIFC Courts, allowing it to operate as a distinct entity.
Four types of wills:
Full Will: Covers all assets ranging from property to cars and luxury goods, as well as guardianship arrangements for children
Guardianship Will: For appointment of guardians for children
Property Will: Covers up to five properties in Dubai and/or Ras Al Khaimah.
Free Zone Company Will: For owners and shareholders of free zones in Dubai and Ras Al Khaimah, including the Ras Al Khaimah International Corporate Centre (RAKICC).
Who can register a will
You are not Muslim and have never been a Muslim
You are over 21 years of age
You own assets in Dubai and/or Ras Al Khaimah and/or have minor children residing with you in Dubai and/or Ras Al Khaimah.
To register your will and know the fees, visit: www.difcprobate.ae.
angel@khaleejtimes.com

• Dubai