Day-15 - A Will in Time

A Will in time can protect what you created over a lifetime!

Welcome to Day 15 of the Win With Money Challenge.

Yesterday we discussed that ignorance is not an excuse to neglect your taxes because the implications can be severe.

Today's task is planning for a crucial aspect that many ignore, and you cannot afford to, especially if you;

Own a Property in the UAE

"The New Amendment of 2020, addressing the option of home country law for distribution after death, does not apply to real estate. In such a situation, your assets will be distributed as per Sharia Law under Article 17(5) of the Civil Code. Real estate may only be distributed to a beneficiary of your choice if you have a Will in place that names the beneficiary." - https://hhslawyers.com

Have minor children below the age of 21

You can appoint both permanent and temporary legal guardian(s) to ensure that your children are in the custody and care of someone you trust.

You are a business owner, partner, or director of a business. 

As a business owner, it's very important to consider business succession planning as part of the Wills process. Besides designating who is to benefit from your estate or shares, your Will also appoints your chosen executors responsible for administrating your estate on death." - https://www.willsuae.com

Prefer hassle-free distribution of your estate 

It is mandatory for everyone to complete the probate process regardless of whether the deceased does or does not leave a Will behind. However, the process of probate is made easier with a UAE registered Will." - https://www.legalinz.com/

How to draft and register a Will in the UAE?

A qualified lawyer can draft a will for you in the UAE. They can help you decide under which jurisdiction you must register your Will. They can also help you review your Will periodically in line with the changes happening in your life or preferences.

Benjamin Franklin said,

"If you would not be forgotten as soon as you are dead, either write something worth reading or do things worth writing."

I want to add the following to the above;

If you have created something worth writing, you must write a will. 

Additionally, having Whole of Life Insurance will provide the following benefits;

1. Protect your legacy from debtors by ensuring adequate funds are available to pay off your personal and business debt.
2. Enhances your Legacy
3. Estate Equalization
4. Most cost-efficient legacy creation
5. Quick access to claim to proceed

If you are a business owner or partner, a Keyman or Partnership Insurance can go a long way in protecting your business interests.