Writing a Will is an essential aspect of estate planning, especially for expatriates residing in Dubai. With a significant portion of the population being foreigners, it’s crucial for expats to understand the diverse array of Will options available in the DIFC Courts Wills Registry. These options cater to varying circumstances and ensure that assets are distributed according to one’s desires. In this article tailored for expats, we’ll delve into the different types of DIFC Courts Wills, empowering you to select the ideal option to safeguard your legacy and provide for your loved ones in the UAE.
i. Full Will
If you own more than five (5) real estate properties and/or a diverse range of assets, a Full Will becomes imperative. Moreover, if you plan to designate guardians for your children, you can include guardianship provisions within your Full Will. Importantly, if you initially register a Full Will and later start a family, you can subsequently modify the Full Will to incorporate the necessary guardianship provisions.
The mandatory provisions for a Full Will are outlined in Schedule 1 of the DIFC Courts Wills Registry Rules. Please feel free to reach out to us to determine the most suitable Full Will for your circumstances and to discuss the necessary steps to take.
ii. Property Will
The Property Will differs from a traditional Will as it exclusively addresses real estate assets, ensuring clarity and specificity in their distribution. By outlining your wishes regarding real estate assets in a Property Will, you minimize the potential for disputes among beneficiaries.
Our registered DIFC Wills Draftsmen provide detailed explanations for each part of the Will template and guide individuals through the process, ensuring clarity and understanding. By understanding its features, benefits, and creation process, individuals can effectively safeguard their real estate holdings and ensure their wishes are upheld according to the law.
Before finalizing the Property Will, individuals can undergo pre-registration checks either in person at the DIFC Courts Wills Registry or remotely via the Virtual Registry.
iii. Financial Assets Will
When it comes to estate planning, individuals often overlook the importance of addressing their financial assets, such as bank and brokerage accounts. The DIFC Courts Wills Service offers a specialized solution known as the Financial Assets Will, tailored specifically for these assets. It enables individuals to specify their wishes regarding up to ten separate accounts or shares in up to ten separate accounts in the UAE, ensuring clarity and specificity in asset distribution. Unlike a traditional Will, the Financial Assets Will focuses exclusively on bank and brokerage accounts, providing tailored solutions for these assets.
To qualify for a Financial Assets Will, accounts must be legally held with a bank or brokerage firm regulated by the Central Bank of the UAE or Emirates Securities and Commodities Authority. Each account included in the Financial Assets Will must hold only movable assets, and the individual must be the exclusive beneficial owner of these assets.
The Financial Assets Will allows individuals to address unique considerations related to their financial holdings, such as joint ownership, account types, and asset allocation. It is a valuable tool for individuals seeking to ensure comprehensive estate planning that encompasses all aspects of their financial situation.
iv. Business Owners Will
The Business Owners Will, provided by the DIFC Courts Wills Service, is a legal document designed to address the distribution and management of shares in the UAE free zone and mainland companies. It enables individuals to specify their wishes regarding up to five separate shareholdings, ensuring clarity and control over their business assets.
To qualify for a Business Owners Will, shares must be held in companies incorporated in the UAE and established in accordance with UAE Federal Law. This type of Will allows individuals to address unique considerations related to their business interests, such as multiple shareholdings and various company types.
v. Guardianship Will
The Guardianship Will, governed by the DIFC Courts Wills Registry Rules, is the most popular type of Will among parents. It allows parents to designate guardians for their children in the event of their demise, ensuring that their wishes regarding their children’s care and upbringing are honored.
Unlike a Full Will, which encompasses asset distribution alongside guardianship provisions, the Guardianship Will solely addresses arrangements for the care of children. Parents can appoint individuals of their choice as guardians for their children, both on an interim and permanent basis, providing peace of mind and security for their family’s future.
As a parent, ensuring the well-being and care of your children is of utmost importance. In the event of unforeseen circumstances, such as your passing or that of your partner, the appointment of guardians becomes crucial. With the Guardianship Will, you can tailor guardianship arrangements based on your children’s unique needs, ensuring continuity and stability in their upbringing.
In conclusion, estate planning is a critical aspect of ensuring that your assets are distributed according to your wishes and that your loved ones are provided for in the event of your passing. For expatriates residing in Dubai, understanding the various types of Wills available through the DIFC Courts Wills Registry is essential for comprehensive estate planning.
Whether you own multiple real estate properties, have diverse financial assets, or run a business in the UAE, there is a specific type of DIFC Courts Will to address your unique circumstances. From Full Wills to Property Wills, Financial Assets Wills, Business Owners Wills, and Guardianship Wills, each option offers tailored solutions to safeguard your legacy and provide clarity in asset distribution.
Expert Guidance and Assistance from TWS Legal Consultants
At TWS Legal Consultants, we are DIFC Courts Registered Wills Draftsmen and have been providing expert guidance and assistance since the inception of this service by the DIFC Courts. Our experienced lawyers will work closely with you to understand your needs, draft your Will according to your specifications, and guide you through the registration process.
Furthermore, with virtual registration for DIFC Wills, we offer convenient and secure options for registering your Will remotely. Through virtual registration or video conferencing, you can ensure that your Will is legally valid and accurately reflects your intentions.
Don’t leave your estate planning to chance. Contact us today to schedule a consultation and take the necessary steps to protect your assets and secure your family’s future.