A Will is a legal document that outlines your wishes to distribute your assets after you die. It allows you to specify who you want to inherit your assets, including money, property, and personal belongings. Find here requirement for preparing DIFC wills Dubai.
Why having a Will is important?
Having a Will is important in ensuring that your assets and possessions are distributed according to your wishes after your passing. It provides peace of mind to you and your loved ones by clarifying your wishes and avoiding potential disputes among beneficiaries.
Laws governing Will in the UAE:
The laws governing Wills in the UAE vary depending on the jurisdiction in which the deceased lived and owned assets. In general, UAE has two separate legal systems: a civil law system for citizens of the UAE and a common law system for expatriates.
Creating a Will in the UAE:
Step 1: Assess your assets:
The first step in creating a Will is to assess your assets and determine what you want to include. This includes both your tangible assets, such as property and investments and intangible assets, such as bank accounts and life insurance policies.
Step 2: Choose your beneficiaries:
Once you have assessed your assets, you must choose the individuals or organizations you want to inherit them. You can choose to leave your assets to a single individual or multiple individuals and specify specific gifts to specific individuals.
Step 3: Choose an executor:
An executor is responsible for managing the distribution of your assets after your death. It would help if you chose someone you trust to fulfill your wishes and ensure that your assets are distributed according to your Will.
Step 4: Write your Will:
Once you have assessed your assets, chosen your beneficiaries, and chosen an executor, you can start writing your Will. You can either write the Will yourself or seek the assistance of a lawyer. When writing your Will, include all relevant information, such as the distribution of assets, the appointment of an executor, and any specific gifts you would like to leave.
Step 5: Sign and store your Will:
After writing it, you must sign it in the presence of witnesses. It is important to store your Will in a safe and secure place, such as a safe deposit box or with your lawyer, to ensure that it can be easily accessed after your passing.