It’s time to plan your legacy!
Life is so unexpected. You never know when that time arrives to pass on your inheritance documents to your loved ones, in the event of anything unexpected happening to you. If you haven’t prepared your inheritance documents well in advance, your estate shall be distributed according to the legal framework of the country you hold that estate in, leaving loved ones with legal complications to sort out.
‘Estate’ as such includes all business shareholdings, properties, bank accounts, motor vehicles, jewellery, receivables, gratuity, end of service benefits, insurance policies as well as family inheritance.
In the UAE, if inheritance planning is not done, the estate of a deceased attracts the local laws automatically. This means that the estate of the deceased irrespective of his nationality, religion, caste or creed is divided as per the principles of Shari’ah. Distribution of the Estate, Appointment of Executors/Trustees and Appointment of Guardians for minor children are included in Inheritance Planning in the UAE. Any prior documents such as power of attorneys cease to exist upon the demise of the Executant, hence only a Last Will and Testament is a valid legal document after a person’s demise.
As an Expatriate who has a family depending on you, owning an estate of value in the UAE, in your home country and elsewhere in the world, you should have relevant documentation professionally prepared and legalised so as to ensure the estate is passed on and distributed as per your wishes without any inconvenience to your loved ones.
Speaker: Devanand Mahadeva
• Heads the Inheritance and Personal Law Practice at Goodwins law firm.
• Specialises in inheritance planning for individuals and succession planning for corporates. • Over 27 years of experience in the Inheritance Practice.
• Expertise in Islamic Sharia.
• Graduated from Govt. Law College, Madurai in 1992. Worked with the Govt. of Republic Maldives. • Qualified member of Personal Financial Society of UK and Chartered Insurance Institute of UK.
Moderator: Tarun Khandelwal, CFA Tarun is a board member of CFA Society Emirates. He is the Treasurer and Program Chair of the Society.