Family’s future: Make a will and get it notarised

While most of us are systematic, or attempt to be, about maintaining our monthly savings, we often fail to recognise the implications of not having a will, detailing who should benefit from the cash-stash, in place.

And, this oversight could prove costly during unforeseen eventualities. 

The will, experts maintained, is an absolute necessity in the UAE, where the banking sector is governed by the ShariaH law. And, not writing a will could possibly land the account holder’s immediate family into a financial mess.

“In the event of death of the account owner, and if there’s no will presented, then the money may not go to the next of beneficiaries as he would’ve hoped,” detailed Rickson D'Souza, director of wealth management at Pinnacle, a UAE-based asset and wealth management company.

“For example, it could go to his brother, father, cousin or uncle. The wife would probably get 1/4th to 1/8th of the entire estate. And, if he has a son, he would get access to one-half of the estate, but if he’s under-aged, then he too is considered as part of the estate.”

Once a death is reported and if a will is not found, all accounts of the deceased (even joint) will automatically be frozen, until such a time that all debts (in his name) are cleared. And, this could prove a lengthy process. So, it’s not enough that you are disciplined about maintaining your savings or planning your investments, you must also ensure that there’s a will detailing who will benefit from it, in the unfortunate event of death. The cost of making a will varies from company to company.

“A will for a husband-and-wife will probably cost around Dh3,500 to Dh4,000. And, plus there are actual costs on notarisations, etc,” explained D’Souza.  It’s not an expensive process but one that takes a while to implement, he said, adding, “You have to find the time to sit with a lawyer and list out, very clearly, what you owe and what you own.”

And the key is to find a company that has a proven track record and who “understands the UAE Sharia law and the law in your home country”. So, there’s no need to maintain multiple wills for your home base and the UAE, but just one that details it all.  “You need one will and last testament, which can take care of any asset base that you might have accumulated over the years in your home country as well as in the UAE.”

But making a will in your home country will hold no value in the UAE, until it is “attested and notarised in the UAE, and it has to be legally translated into Arabic. So, it’s better if you make your will in Dubai and include your assets in your home country as part of it”.

[Image via Shutterstock]

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