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Inheritance Planning. Service offer

No matter where the shareholder resides, the transfer to the potential heirs of UAE company shares, as well as UAE real estate and UAE bank accounts is regulated by UAE legislation (Federal Law No.5 of 1985 (UAE Civil Code) / Federal Law No.28 of 2005 (Personal Status Law). The procedure for transferring UAE assets will vary significantly in the case of succession by law and in the case of testate succession.

If the deceased died intestate (without leaving a will), then the transfer of assets will be considered by a UAE court in accordance with the UAE Civil Code and sharia.

Contents

  1. FEES*

All the assets of the deceased located in the UAE will be “frozen” until his debts (including fees and penalties) are paid and the court decides to distribute such assets to the heirs.

It usually takes several months to obtain a court decision, and if there is a dispute between the heirs, the procedure can take more than a year.

Applying to a local court is compulsory if the deceased did not leave a will or made it outside the UAE. The heirs will first have to obtain all required succession documents where the inheritance was opened and only after that file documents with the UAE court.

Legalized copies of the following documents with their translation are required to start the work:

  1. Death certificate of the deceased.
  2. Inheritance certificate or its analogue.
  3. Passport copy of the heir.
  4. Documents proving kinship of the heir and the deceased (for example, a birth certificate).
  5. Copy of the inheritance certificate and copy of the will (if any).

The following information is required to make court documents:

  1. The last residential address of the deceased.
  2. The names and dates of birth of the spouse and children of the deceased.
  3. Information on the property located in the UAE and its value.

When making a decision on the distribution of property among the heirs, UAE courts normally apply provisions of local legislation in respect of the order of heirs and their share in the property, which may significantly differ from the practices of other countries.

It is preferable to make a will in respect of assets located in the UAE that will be recognized by local legislation.

For this purpose, the UAE has established a very interesting institution, the DIFC Courts Wills Service.

This service allows people who are not and have never been Muslims but have invested in the UAE and reside in the UAE to transfer their assets and/or appoint guardians for their children in accordance with instructions in their will.

A will registered at the DIFC Courts Wills Service does not require taking further legal action and can be executed in Dubai and RAK without additional administrative procedures.

Such will can be made by any non-Muslim over 21 years of age who has assets in RAK or Dubai.

The following types of will can be registered:

Full Will – covers all types of assets, as well as guardianship of the testator’s minor children;

Guardianship Will – covers guardianship of the testator’s minor children if they are resident in RAK or Dubai;

Property Will – covers real estate located in Dubai or RAK. One will can cover up to 5 real estate properties;

Business Owners Will – covers shares in companies owned by the testator. One will can cover up to 5 companies;

Financial Assets Will – covers bank and brokerage accounts. One will can cover up to 10 accounts.

Will registration fees at the DIFC Courts Wills Service range from AED 5 000 to AED 15 000 (not including 5% VAT) depending on the type of the will.

A testator has the right to revoke or amend a will made at any time.

FEES*

Services
Fees
(not including VAT)
Supporting intestate (without a will) succession procedure in the UAE, not including government or court fees
from USD 30 000
Drafting a will through the DIFC Courts Wills Service
from USD 9 000
Government fee for registration of a will at the DIFC Courts Wills Service
from AED 5 000 to AED 15 000

*Fees are valid as of the date of this proposal.

Are you interested in the offer?
30000 USD
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