In the UAE's dynamic expatriate community, understanding the different will options available in the Dubai International Financial Centre (DIFC) is essential. The DIFC's unique legal framework, based on English common law, provides five types of wills to suit diverse needs of testators, including options for individuals and married couples. This guide aims to explore the different types of wills and their specific purposes, helping you make better decisions about estate planning in the UAE.
1. Full Will:
The Full Will is a comprehensive document covering all aspects of your estate. It's designed for individuals who want a single legal document to detail the distribution of their global assets upon their death. This type of will is particularly useful for expatriates with significant and varied assets, including property, investments, and bank accounts, both within the UAE and internationally.
AED 10,000 for a Single Full Will
AED 15,000 for a Mirror Full Will
2. Property Will:
A Property DIFC Will is specifically tailored for those who own real estate in the UAE. This will type focuses solely on the disposition of up to five properties. It's an ideal choice for expatriates who have invested in the UAE property market but may have other assets that are dealt with separately in another jurisdiction or through a different estate planning tool.
AED 7,500 for a Single Property Will
AED 10,000 for a Mirror Property Will
3. Financial Assets Will:
For individuals with significant financial holdings in the UAE, such as bank accounts or stocks, a Financial Assets Will is a targeted solution. This will ensure that your financial assets within the UAE are handled according to your wishes, separate from other types of assets you may own.
AED 5,000 for a Single Financial Assets Will
AED 7,500 for a Mirror Financial Assets Will
4. Guardianship Will:
If you have minor children residing in the UAE, a Guardianship Will is essential. This will type allows you to appoint guardians for your children in the event of your unfortunate passing, providing certainty and security for their future care and upbringing.
AED 5,000 for a Single Guardian Will
AED 7,500 for a Mirror Guardian Will
5. Business Owners Will:
Entrepreneurs and business owners in the UAE can opt for a Business Owners Will. This is designed to manage the succession and handling of your business interests in the region, ensuring a smooth transition and minimizing disruptions to your business operations after your passing.
AED 5,000 for a Single Business Owners Will
AED 7,500 for a Business Owners Will
Choosing the right type of will in the DIFC depends on your individual circumstances, assets, and family situation. Each type of will serves a specific purpose, offering peace of mind that your assets and loved ones are protected according to your wishes. Given the complexity of estate planning, especially in an international context like the UAE, it's advisable to seek professional legal advice to ensure your will is appropriately drafted and registered.