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DIFC Will
I was checking out the option of registering my will at the DIFC. Looks good but the cost is eye watering - 15k for a mirror will.
Is it worth it? |
Re: DIFC Will
Originally Posted by The OneEyedMan
(Post 12102591)
I was checking out the option of registering my will at the DIFC. Looks good but the cost is eye watering - 15k for a mirror will.
Is it worth it? If no, then no. If yes then yes. |
Re: DIFC Will
Originally Posted by Millhouse
(Post 12103203)
Depends. Got any assets here?
If no, then no. If yes then yes. Of course you also have to pay for drawing up the will, on top of the DIFC registration fee. That seems to be about another 5k. The best policy is a coffin-dodging one methinks. |
Re: DIFC Will
I've just commented on the other thread.
It is well worth doing if you have property or significant assets in the UAE but you haven't got thee costs quite right. (See other thread re offshore accounts.) I don't want to repeat myself but info on wills is in the link (and I have had meetings with the head of the DIFC Probate Registry about these issues). https://financialuae.me/2016/10/10/w...t-your-family/ |
Re: DIFC Will
Stop worrying mate. I haven't even got a will.
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Re: DIFC Will
Originally Posted by Scamp
(Post 12105544)
Stop worrying mate. I haven't even got a will.
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Re: DIFC Will
Originally Posted by Meow
(Post 12105561)
Helps to have assets to distribute... ;)
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Re: DIFC Will
Originally Posted by Scamp
(Post 12105576)
Exactly. Who wants a share of some debt? :rofl:
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Re: DIFC Will
Originally Posted by Meow
(Post 12105590)
Be fair. He has has a set of golf clubs and a couple of pictures. ;)
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Re: DIFC Will
Originally Posted by Meow
(Post 12105507)
If you accounts are frozen due to death, without a recognised UAE/DIFC will monies will be distributed in accordance with Sharia law and that is not what 95% of expats would want. To register a will via the DIFC Probate Registry will usually cost more than AED 15,000. That is their registration fee for mirror wills (it's AED 10,000 for a single will) but as they do not accept any amendments most people will need to draw up new wills. That will be another AED 3-6,000 plus a few incidentals. For British expats, in most cases, a UK will is also required. Offshore account can be held in multiple currencies to you only transfer between USD and GBP when suits or you need to. |
Re: DIFC Will
Urban myth?
Someone told me years ago that if you have a property in the UAE, don't pay off the mortgage even if you can. Keep it going because in the event of death it helps in the distribution of the asset under a Shariah-compliant will. This was in the days before the DIFC will was possible. Unfortunately I cannot recall the rationale behind this odd-looking stratagem. Is there a hidden logic behind it? |
Re: DIFC Will
Originally Posted by The OneEyedMan
(Post 12109878)
Urban myth?
Someone told me years ago that if you have a property in the UAE, don't pay off the mortgage even if you can. Keep it going because in the event of death it helps in the distribution of the asset under a Shariah-compliant will. This was in the days before the DIFC will was possible. Unfortunately I cannot recall the rationale behind this odd-looking stratagem. Is there a hidden logic behind it? |
Re: DIFC Will
Originally Posted by The OneEyedMan
(Post 12109878)
Urban myth?
Someone told me years ago that if you have a property in the UAE, don't pay off the mortgage even if you can. Keep it going because in the event of death it helps in the distribution of the asset under a Shariah-compliant will. This was in the days before the DIFC will was possible. Unfortunately I cannot recall the rationale behind this odd-looking stratagem. Is there a hidden logic behind it? |
Re: DIFC Will
Originally Posted by Meow
(Post 12110237)
Assets are assets and only Muslims can have Sharia compliant wills anyway.
1. Having a mortgage or not on your property has no relevance to what happens after you die. 2. It is inaccurate to refer to a UAE will as "Shariah-compliant" unless you are a Muslim. I don't quite follow the second point. I would have thought that any will drawn up in the UAE must be compliant with local law. |
Re: DIFC Will
Originally Posted by Meow
(Post 12105512)
I don't want to repeat myself but info on wills is in the link (and I have had meetings with the head of the DIFC Probate Registry about these issues). https://financialuae.me/2016/10/10/w...t-your-family/ https://omny.fm/shows/dubai-today-th...ill-10-10-2016 The discussion on wills starts at about the 10:30 mark, but the earlier stuff on state pensions etc. is interesting too. One thing that isn't explained, or perhaps I haven't grasped it, is what was wrong with having a normal UAE will that is not DIFC-registered. How did people manage before that was introduced? |
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