|
We do not like to pause on the issues of death and discussing Wills is a sensitive area. Establishing a Will passes fleetingly through the minds of most people at some stage in their lives. However, the truth is that the majority never bother making a Will, and the perceived wisdom appears to be that people would rather trust the Government to distribute their estate, than spend a short amount of time making their own arrangements.
Unless you make a Will, you cannot guarantee that your belongings, when you die, will be distributed as you wish. Many unnecessary complications arise, adding to the grief of the bereaved and the expense of winding up the estate. If you die without a Will (`intestate`) the law decides who will receive your possessions.
If you are married, but die intestate, it is a common misconception that your surviving spouse inherits everything. This is usually not the case, and depends on the size of the estate, and whom you leave behind. If you are not married but living with your partner and die intestate, your partner will receive nothing. Leaving things to chance is not just a selfish act, it can be a certain way of ensuring that large sums of money are wasted on lawyers and court fees, whilst gifting the Inland Revenue a large proportion of everything you worked to accumulate in your lifetime.
With the huge increase in property values just about everywhere, the Chancellor of the Exchequer has been celebrating the generosity of the UK taxpayer for some time now and, in particular, he has enjoyed what appears to be “unbounded generosity” from those who have died during the past four or five years. His Inheritance Tax (IHT) receipts are climbing towards £3 billion a year, and almost two thirds of that figure is drawn from deceased house-owners. As with most things, a great deal of his energies have been expended on closing loopholes and tightening up the Rules so far as tax avoidance schemes are concerned, and some of the more “esoteric” IHT avoidance schemes have recently been closed. However, a properly drawn Will provides a first line of defence against your beneficiaries losing 40% of what you were expecting them to survive on, after you have left them to fend for themselves.
Similarly, because the Rules keep changing (as do individual circumstances), it is essential to review the plans that you made, to make sure that what you thought was going to happen with your money is what is actually going to happen. The process can be as simple or as complex as you wish to make it, but the requirement must be that you should do something.
Trying to sort out estates where assets are scattered around the globe is a very profitable exercise for probate lawyers, however, the fact that it literally takes years and denies closure to the bereaved, is a burden that no right minded individual would wish on those that they love. If the need is pressing (but too often ignored) for UK residents, that need is redoubled when one leaves the jurisdiction of the UK courts. One should aim to have a Will in each jurisdiction in which they hold assets. In particular, if you have bought property in Dubai then the legal system can create complications - having a correctly drawn up Will, in Arabic and attested will help your cause through the Shariah Court.
In addition to your Will you should also consider an Enduring Power of Attorney (EPA). This document will allow your designated executors to manage your affairs in the event of you becoming incapacitated either mentally or through injury. Remember, the Will only takes effect in the event of your demise so to avoid excessive dealings with the Public Guardianship office, an EPA will give clear instructions and allow your affairs to be managed.
Fees
The guidance for our fees is given below. Please bear in mind that if additional legal support is required we will notify you of the proposed charges in advance. Figures are quoted in Dhs but we will accept $ or £ equivalent.
Will (Single) - Dhs 1750
Will (Mirror) - Dhs 2500
Will (Complex) - Price on application
UAE Attestation - Dhs 2500
UAE Translation - Price on application
EPA - Dhs 1000
The area of Wills, Codicils, Enduring Powers of Attorney or the relatively new topic of “Living Wills” can be complex. Hopefully we have raised the subject and turn a “fleeting thought” into a positive action.
|
Wills 
