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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:-

  1. Full Will
  2. Guardianship Will
  3. Property Will (limited to five separate properties or a share in up to five separate properties)
  4. Free Zone Company Will (limited to five separate shareholdings)
  5. 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.

 

 

 

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