Wills and Estate Law
Our team has extensive experience in Wills, Estate Planning and Asset Protection,
in the US and the Middle East.
Particularly, we can provide legal services in drafting wills, and related documents
in the Dubai International Financial Center (DIFC) and UAE, managing asset
protection in the US and the Middle East (UAE and other GCC countries), and
transferring assets between international jurisdictions, including financial
transactions.
Hearing words like Wills and Estates can remind you of nightmare scenes from
movies where a lawyer calls upon the heirs of a deceased person to read them
the last will and testament. In such films, the family may immediately begin
squabbling and fighting over the will and who gets what. This doesn't have to be
the case with estate planning.
Therefore to avoid potential disputes, designing a valid, enforceable and well executed will can ease the burden and suffering after the loss of a loved one. Furniture, Jewellery and many sizeable assets which don't have legal documentation can be shared among heirs without going to court. Bank accounts, Insurance plans and other schemes where the nominees(successor) are already declared also do not need to go to a court for decision. However, cash, liquid assets, investments and physical property can often get tangled up in disputes without adequate estate planning.
In worst case scenarios without a will, the property will be liquidated and all the debts, court fees and attorney expenses are deducted from the settlement. Only then do any proceeds go to the rightful heirs in many jurisdictions. This is a long process and can be avoided if the person dies with an up-to-date will. You don't want your loved ones to go to courts for multiple hearings, if you can just sign a short piece of paper laying everything out clearly.
You can also create a trust in your name that allows you to transfer property or assets to a beneficiary via a trustee. The trustee then has to take responsibility of maintaining and preserving the Estate for the beneficiary. This is usually the procedure when a will entrusts property to a minor for example.
There can be various types of trust formed:
- Provide income for children till they are old enough to be stable and manage their family expenses
- Provide income for the specially abled heir who can't take care of himself after his predecessor's death
- transfer assets to grandchildren.
- Provide income for spouse and remainder to children.
- You can even setup a trust for your loving Pets .
So be prepared and make sure your family stays happy even after your death with your trusted lawyers in the Middle East.
For more information on Wills and Estate Planning, check out the following Articles:
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