Wills - what you NEED to know

Wills - what you NEED to know
17 March 2013

IT IS hardly a palatable subject to think about, but this week on cashy we are talking about preparing for the unexpected and safeguarding your loved ones against untimely departures. Preparing your will is nothing we ever want to confront as a reality, but it is something that is crucial to do – particularly in the UAE.

Did you know, if you are an expat without a will, your assets will be divided up between your family in compliance with Shariah laws, regardless of other wishes or plans you may have made in the event of your death? Gaining access to any bank accounts, investments or properties you hold in Dubai could turn into a legal nightmare for those you leave behind in this situation. Unless claims are supported by a properly documented will made out by the deceased, you could be leaving your loved ones with even harder tasks ahead.

From the other side of the coin, if you are a Muslim with investments in other countries, the importance of a Shariah-compliant will is paramount – UK and EU laws stipulate that your estate passes to your next of kin, rather than following those terms outlined in Islamic Shariah. Also, outlined in your will should be the amount to donate to charity for Sadqa Jariah, as well as who should take over legal guardianship of your children should you and your partner both pass.

The best advice we can give would be to get in touch with professional companies in the UAE that handle wills professionally, who can provide Shariah-compliant services as well as tailor-making wills for expats who wish to divide up their assets in a particular way. 

Pic credit: freedigitalphotos.net

ARE YOU prepared for the unexpected? Have you thought about preparing a will? Do you have any questions about the preparations of your will? Tweet us @cashyme or post a comment below!


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