DIFC Wills and Probate Register release new Financial Assets Will
Dec 2017
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.