DIFC Wills and Probate Register release new Financial Assets Will
The DIFC Wills and Probate Register (DIFC WPR) have introduced a new Financial Assets Will to encompass money and listed securities held in Dubai and/or Ras Al Khaimah bank and brokerage accounts. The new purpose Will can encompass up to 10 separate bank or brokerage accounts, or a share in 10 separate bank or brokerage accounts, and is available to register online or in person. The DIFC WPR have partnered up with the Emirates NBD to offer a discounted registration fee of AED 5,000.
The addition of the new purpose Will now means that there are 5 different forms of DIFC Wills available for individuals, depending on their personal circumstances and the assets which they wish to protect:-
- Full Will
- Guardianship Will
- Property Will (limited to five separate properties or a share in up to five separate properties)
- Free Zone Company Will (limited to five separate shareholdings)
- Financial Assets Will (limited to ten separate bank or brokerage accounts or a share in 10 separate bank or brokerage accounts)
A DIFC Will is available to any individual who is non-Muslim and over the age of 21, with assets based in Dubai and/or Ras Al Khaimah. You do not require to be a resident of the UAE.
There are a number of benefits to registering a DIFC Will including:-
- Avoids the application of Sharia Law to your Dubai and/or Ras Al Khaimah assets.
- Promotes certainty as a Will ensures your estate passes in accordance with your wishes.
- Saves undue anguish, costs, and administration for your loved ones at time of probate.
- Allows you to specify who you wish to act as a Guardian to any minor children under the age of 21.
- DIFC WPR have a Memorandum of Understanding with the Dubai Land Department to ensure that at the time of probate, your property is passed in accordance with your Will.
- No death tax applicable to Dubai and/or Ras Al Khaimah assets administered under the WPR rules.
It is strongly advised that you seek legal advice and assistance when drafting either a DIFC or Common Law Will.
For a free consultation, please get in touch to discuss your specific circumstances.