How Does DIFC Help You with Will Succession If You Are a Non-Muslim

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How Does DIFC Help You with Will Succession If
You Are a Non-Muslim
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When it comes to real estate in Dubai, there were
all these confusions or uncertainties regarding
how the will come into the equation when
non-Muslims or expats are involved. That has all
changed with a series of rules that were laid out
by the Dubai International Financial Center or
DIFC. The reason why many hold skepticism in
the Dubai real estate law is that it did not
allow the Right of Survivorship concept. This
means that after the death of a person, his or
her land fall under the ruling of Sharia law. We
will explain more about in the following
sections. Why are many Non-Muslims and Expats
apprehensive about owning assets in Dubai? Since
Dubai did not support Right of Survivorship, this
alone made non-Muslims and expats uncomfortable
in owning assets in Dubai. There is no guarantee
that their offspring would get the assets. So
naturally, they tried to take their assets and
move them offshore. However, this does not
contribute to Dubais economy as it takes money
away from it. Concerns were also raised about
guardianship of children after the demise of
their parents. To make matters even worse, upon
death all bank accounts of the deceased will be
frozen. Then a liability check will be done in
order to see if the person had any debts attached
to their name.
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After the liabilities have been paid off, the
assets will fall under Sharia law. In sharia law,
the assets will be will be carefully examined by
a ruling body and it will be divided and
distributed to the land owners family. However,
the case will be different if the deceased had a
will in place that carefully stated out where
their money should go. How the DIFC made
everything streamlined! On November 16th, 2014,
the Dubai International Financial center made a
huge announcement that brought back the interest
of Non-Muslims and expats back to Dubai. They
introduced DIFC and Wills Probate Registry that
helped non-Muslims and expats to register a will
under it. So now the concerns over the assets not
being transferred to the offspring were
eliminated. In essence, with the formation of
DIFC, non-Muslims, expats, or residents in Dubai
who own assets can decide how these assets would
be distributed after their death. The Dubai
government has even gone the extra mile and have
partnered the DIFC WPR with the Dubai Land
Department and the DIFC Dispute Resolution
Authority. This decision paves the way for faster
asset transfer without causing any holdups.
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Different types of Wills explained Before we go
any further, you must know that there are
different types of wills valid in the UAE. Expats
and non-Muslims living in the Dubai should factor
in their characteristics while choosing one. The
following brief explanations will help you have a
rough idea on the same. Guardianship Will The
Guardianship Will pertain to appointing a
guardian of your choice for the welfare of your
children. The will provides the parents to
appoint interim or permanent guardians who may
belong to their family or are close friends.
Full Will As the name suggests, a Full Will
covers all grounds such as assets, ownership, and
guardianship. The person can choose how their
assets should be distributed after their time,
and they can include their entire assets in the
will without any limitations. Property Will
The Property Will allows the person to prepare a
will for five specific real estate properties
that they own. A pre-registration check can be
done via appointment at the Wills Service
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Business Owners Will It helps the testator to
create a will that encompasses 5 separate
shareholdings in any free zone or UAE onshore
company situated in the Emirate of Dubai or the
Emirate of Ras Al Khaimah. The person must be
aware of the fact that the will is only valid if
the company in which the shares are held is
incorporated into the Emirate of Dubai or the
Emirate of Ras Al Khaimah under the accordance of
UAE Federal Law. What results do we have to show
for it? The result of this move by the Dubai
government is certainly in the positive as more
and more people are now confident in owning
property and other assets in Dubai. In the first
half of the year 2018 alone, Dubai amassed more
than 4.84 billion in foreign investment. This
year, 2019, the trend is only going to continue
as investors flock towards Dubai for investments.
Therefore, its safe to say that the changes made
by the government have indeed been well received.
If you are a non-Muslim or expat having trouble
figuring out how to register your will with the
DIFC or need help in general about the system,
then you can always find a helping hand with
Al-Nassar Advocates. Our expert lawyers in Dubai
will explain everything you want to know about
the system and can represent you in court if you
need to raise your complaint against a
discrepancy.
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