MacScot

This article in Gulf News finally prompted me to get an offshore joint account. !!


http://www.gulfnews.com/nation/Society/10241149.html

Blue Cat

we have a will here in the UAE, better to be safe than sorry

MacScot

Probably more difficult for me as I have joint accounts, investments and mortgaged properties with a business partner.

Separate British and Australian wills might be a nightmare for us and problems with our separate families and next of kin. Solution seems to set up offshore accounts and update wills with a Jersey or Isle of Man solicitor to cover personal and international aspects.

Blue Cat

see a lawyer, do a search on Jame Berry Associates. Technically you can only one will as it starts with - this is my last will and testament, so you can't have them all over the world

MacScot

Thanks for that BC. Will contact JB&Assoc re wills. Should I mention your recommendation?

Meow

You need to bear in mind that if you have a will written in accordance with the legislation of the country in which you are domiciled, it will not be recognised in the UAE. Your wills can be translated into Arabic and attested in the courts, but Sharia law still applies to the assets of expats that are held in the UAE. This means that even if you have a validated will you may only choose how one third of assets can be disposed.

If a woman dies, her UAE assets will automatically go to her husband or closest male heir. If a man dies, his wife is not the main beneficiary. With a will upi to 1/3 can go to her, but the remainder will go to his closest male heir. There has been legislation to try and make matters easier for expats, but at this time there has been little in the way of legal precedent.

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Slingshot

see the bit I highlighted - even with a UAE will? or are you referring to say a UK will being applied here?

Meow

Unless you are Emirati you can't really have a UAE will. You write one in acordance with your home country, although you can have that attested here, and Sharia law applies to assets in the UAE. No will can get around that.

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Slingshot

thanks - interesting to know

MacScot

Considering what you said, say, my business partner (male), whom I have a joint account with and property assets in the UAE died, does that mean his 50 per cent share of joint account/assets would go to his brother in Australia (his closest male heir) even though his Australian will clearly state that I would be the recipient of these joint holdings ?