The Dubai International Financial Centre (DIFC) is a global financial hub that facilitates robust economic activity and provides a unique legal framework for expatriates to manage and protect their assets. Among its many services, the DIFC will registration service has been tailored specifically for non-Muslim expatriates residing in the UAE. This service ensures that the distribution of their assets can be managed according to their wishes, without defaulting to the UAE’s Sharia law-based inheritance laws.
This article explores the significance, process, and benefits of registering a will in the DIFC, particularly emphasizing how it can safeguard assets across borders.
Why Register a Will in the DIFC?
For expatriates living in the UAE, the importance of having a clear legal document that dictates the distribution of their assets upon their death cannot be overstated. In the absence of such a document, the local laws of inheritance may not necessarily align with their wishes or the legal standards of their home countries. The DIFC Wills Service Centre provides a solution that respects the wishes of non-Muslim residents by allowing them to register a will that follows their national laws or international standards.
Who Can Register?
The DIFC will registration service is available to any non-Muslims over the age of 21, holding assets in Dubai and/or Ras Al Khaimah. This includes not only financial assets but also real estate and other significant property interests.
How to Register a Will in the DIFC?
Registering a will in the DIFC is a straightforward process, designed to be as accessible and efficient as possible. Here are the steps involved:
- Drafting the Will: The first step is to draft a will. While individuals can draft their wills independently, it is advisable to approach corporate tax registration deadline This ensures that the will complies with all legal requirements and accurately reflects the testator’s wishes.
- Appointment Booking: Once the will is drafted, the next step is to book an appointment with the DIFC Wills Service Centre. This can be done online through their official website.
- Document Submission: Before the appointment, the testator needs to submit their will along with necessary documents such as passport copies, visa pages, and proof of ownership of assets.
- Witnesses and Signing: During the appointment, the will must be signed in the presence of two witnesses and a registrar. The witnesses should be over 21 years old and must not stand to benefit from the will.
- Payment of Fees: There are fees associated with the registration of the will, which vary depending on the type of will being registered (e.g., property will, guardianship will, business will).
- Storage: After registration, the will is securely stored at the DIFC Wills Service Centre.
Benefits of DIFC Will Registration
The primary benefit of registering a will in the DIFC is the assurance that your assets will be distributed according to your exact wishes without interference from local inheritance laws. This is particularly important in a country where the default inheritance laws may vary significantly from those in your home country. Other benefits include:
- Clarity and Certainty: A registered will provides clear instructions for the distribution of assets, reducing the likelihood of disputes among family members.
- Protection of Rights: It ensures that the rights and wishes of the testator are upheld, regardless of their nationality or religion.
- Efficient Transfer of Assets: It facilitates a smoother, more efficient transfer of assets to beneficiaries, often bypassing lengthy and complex legal procedures.
- Flexibility: Testators have the flexibility to appoint guardians for minor children, a critical consideration for expatriate families living in the UAE.
Summing Up
The DIFC will registration service is an essential tool for expatriates in the UAE, providing them with the means to ensure that their assets are protected and distributed as they wish, across international borders. By taking advantage of this service, non-Muslim expatriates can navigate the complexities of international inheritance with confidence and peace of mind, knowing that their legacy is secured per their specific desires. Whether you own property, business interests, or other assets in the UAE, registering your will through the DIFC can be a prudent step towards safeguarding your and your family’s future.
