Beginning the will process is never easy, especially if it’s your first time. You may be coming to the table knowing only that wills are highly complex legal documents that could have huge implications for those you love. The wrong wording may not only deny a beneficiary from receiving his or her share of assets—it could also mean, in the case of the UAE, the use of Sharia Law to govern how those assets are divvied up, including who will take your children.
The goal of this article is to help set you on a clear path toward completing your last will and testament. We’ve determined five steps that will help expats within the UAE write up a will that they’re 100% confident with.
Step #1: Speak with a legal expert that understands the will writing process. The UAE Money Expert recommends—especially in the case of expats—that you speak with an expert before writing up your will. Someone who understands the process can help explain how to structure your finances, organize beneficiaries, and create a list of Assets and Liabilities.
If you’re looking for a knowledgeable company that specializes in wills, estate planning, succession planning, and tax law as it relates to inheritance please complete the below form and we will get one of our Experts to contact you.
Step #2: Write up a complete list of both assets and debts. Your advisor will mention this upon first discussing your options. This list should include everything from family heirlooms and property to banked or commercial assets.
Step #3: Name your Trustee or Will Executor, if necessary. You’ll be requested to name the individual or individuals that will serve as your trustees and assist with the dividing of your assets.
Step #4: Wait for the first draft of the will to be sent to you. Expect about five business days to pass before you receive your new will. This is considered the first draft, one in which you’ll want to thoroughly go over and revise if necessary. Make sure you verify that all beneficiaries are noted in the will, along with the assets that each will acquire.
Step #5: Return the revised document. The company you’ve hired to write your will goes over it one last time, adding in any changes that you’ve made. You’ll also sign off on the will one last time to complete the process.
As we mentioned beforehand, the quality of your will depends on the company that you hire to write it for you. Our Experts help when it comes to tax mitigation, last will and testaments, and asset protection, for both individuals and businesses.
How much does a Will cost to write?
A single Will should cost around 4000AED plus translation costs
A joint Will should cost around 5000AED plus translation costs