DIFC Will
Nov 11th 2016 | 7:02 am
#1
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From: Dubai
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?
Is it worth it?
Nov 12th 2016 | 6:12 am
#2
Lost in BE Cyberspace
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From: Disneyland, Dubai
Nov 13th 2016 | 5:15 pm
#3
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From: Dubai
Re: DIFC Will
I suspect that the answer is rather more nuanced than that. A guy with a Trumpian empire of local property and stocks might find it an inconsequential expense, while a fellow with 100k in the bank and a 10 year old Pajero might prefer to spend his 15k elsewhere.
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.
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.
Nov 14th 2016 | 11:03 pm
#4
Bored liberal
Joined: Feb 2007
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From: Over there ----->
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/
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/
Nov 14th 2016 | 11:34 pm
#5
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Re: DIFC Will
Stop worrying mate. I haven't even got a will.
Nov 20th 2016 | 6:14 am
#10
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From: Dubai
Re: DIFC Will
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.
Nov 20th 2016 | 6:24 am
#11
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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?
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?
Nov 20th 2016 | 2:49 pm
#12
Lost in BE Cyberspace
Joined: Jul 2009
Posts: 15,887
From: Disneyland, Dubai
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?
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?
Nov 20th 2016 | 8:46 pm
#13
Bored liberal
Joined: Feb 2007
Posts: 13,713
From: Over there ----->
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?
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?
Nov 21st 2016 | 3:32 am
#14
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From: Dubai
Re: DIFC Will
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.
Nov 21st 2016 | 3:40 am
#15
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From: Dubai
Re: DIFC Will
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?
