Most people think that it is not necessary to make a will in Dubai if you don’t have any assets. However, if you don’t have an asset in UAE or Dubai, you should consider making a will as it helps you in the future. When it comes to making a will, there are many types of wills, but the most common are family estate wills and business owners’ wills. Both can be used to set out the beneficiaries of your assets. Here, we will discuss different types of wills in UAE.
Business owners will:
Business owners in the UAE may need a Will to ensure their business assets are properly distributed when they pass away. In the UAE, there are a few different types of wills. These include general wills, business owners’ wills, and wills for guardianship. Some businesses may be incorporated in the UAE, while others may be non-residents.
Financial assets will:
A financial assets will is a legal document that is used to pass on a deceased person’s assets to their beneficiaries. The financial assets will cover ten separate accounts and shares. All these accounts must be legally held with a UAE bank or brokerage firm. The financial assets will be completed online through a wills service or can be submitted by appointment.
In addition to financial assets, a UAE Will can cover company shares. These can include shares in onshore, free-zone, or offshore companies. In addition, there are no restrictions on the number of shares that can be included in a Will. And you can include up to five companies in the UAE.
Family estate will:
The UAE is a Muslim country, and the vast majority of its residents are expatriates. They come here to work and build careers, families, and assets around themselves. While the country’s inheritance laws are similar to other countries, it also has some unique characteristics. Inheritance laws differ for Muslims and non-Muslims.
A Guardianship order in a will in the UAE will ensure that your minor children are cared for when you die. These legal arrangements can be made for several reasons, but are particularly useful for expatriates who don’t have family in the country. In these cases, it is important to designate someone to care for your children until your family members arrive.