Specifically, UAE Wills and Inheritance matters are once again at the centre of public interest following the Presidential decree.
His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, announced a number of sweeping amendments, effective immediately, to existing Federal Laws.
Matters governing personal relationships and the division of assets upon death have been reviewed and revised – divorce, separation, cohabitation between unmarried partners, alcohol consumption and inheritance are all affected by the reforms.
Although we await the release of further details and the official amendments, undoubtedly these progressive measures seek to solidify the UAE Government’s commitment to encouraging and promoting the country as a destination of choice for living, working, investing and retiring.
Building on the widespread impact of the recently announced Retirement Visa and the Virtual Working Programme for Overseas Professionals, amendments to the local inheritance laws will further enhance the UAE’s appeal as a jurisdiction not only to retire in, but also to work from if employed by an overseas company.
UAE Inheritance Law and Succession Planning
UAE inheritance laws have, over the last five years, gone through a significant development cycle, from the formation of the DIFC Wills Service Centre allowing non-Muslims to register Wills in accordance with Common Law for UAE-based assets, to the legal recognition of local Trust and Foundation regimes, and more recently, the introduction of the Abu Dhabi Judicial Department’s Non-Muslim Wills Centre.
These developments have given expatriates and international investors greater options when considering UAE estate planning and succession arrangements. Depending on their circumstances, individuals may be able to use a UAE Will, Trust, Foundation or other appropriate succession planning structure to determine how their UAE-based assets should be dealt with following their death.
Protecting UAE Assets Through a Will
Individuals who wish to control the succession of their local assets now have a number of choices available in terms of asset-protection and estate-planning tools, all introduced and endorsed by the local Government. Recent announcements will further enhance these developments.
For individuals who own property, bank accounts, investments or business interests in the UAE, it is important to consider how these assets will be dealt with in the event of death. Having an appropriate Will and succession plan in place can provide greater certainty for beneficiaries and help minimise potential disputes or delays in the administration of an estate.
As the UAE continues to develop its legal framework for expatriates, it is advisable to regularly review your Will and wider estate-planning arrangements, particularly following changes in legislation, family circumstances or the acquisition of significant UAE-based assets.
The above is a summary of the new provisions introduced. A more in-depth update will follow once the decrees have been published in the official Gazette.
For specific advice regarding UAE Wills, inheritance law, succession planning or protecting UAE-based assets, please contact our Wills and Inheritance Department at [email protected].
This is a general guide on the subject matter and should not be construed as specific legal advice.
