Dubai has witnessed excellent developments in all the fields in recent times and now it has come up with the latest law to celebrate the bond between Dubai and the non-Muslim expatriate. It has cleared the way for the non-muslims to make their own wishful will before death.
This has made a way for all the residents to invest and manage their assets through clean legal procedures and also encourages everyone to invest freely in Dubai. This is an initiative done especially for Dubai 2020 Expo.
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Why is Will Necessary in Dubai?
Traveling back in time, the distribution of wealth of the non-Muslim expat in Dubai, it was either guided by the government or followed the Sharia Law. It was because of this reason, many expats had their wealth outside the country fearing the risks of legal disputes.
It was one of the major drawbacks of Dubai and its debate had been going on and on for many years.
The time has changed today and the non-muslims have seen a ray of hope. They can now have a will, where they are free to give their hard-earned assets to their loved ones and help in safeguarding their future.
What will the Will contain?
They will commission an executor, which either can be a company or a trusted person. They will, therefore, administer the situation and will help in distribution of the deceased wealth according to the Will. This will also help in protecting the wealth of the minors under the care of the custody.
The beneficiaries are given full freedom as to how, where and when the assets should be distributed.
Will for UAE Assets
The non-muslims who have assets in UAE are given full and complete freedom to make their will. But those who have failed to do so, then the government will step into the matter and will act according to the Sharia Law.
For example, if the deceased is the father, then the mother will not have any control of the assets and it will be given to the children. This is the main reason for having a will.
Wills for Business Owners
The business owners are very special people and so are their special needs. They would love their business to be preserved and will have plans such as inheritance plans, transferring of assets and other beneficiaries, succession matter and many more.
It is more likely that a sum of the family’s wealth is fixed on the business. So, a will would make it a lot simple and easy.
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