If you are one of the expats in UAE who wish to draft their last will and testament may want to opt for the option of Dubai international finance centre for your limited assets in offshore company formation in Dubai as this is the easier route. But at the same time there’s an option of Dubai courts also available which may confuse you. These both are legal routes to protecting your family and their rights even after your death. So which one is the best? Keep on reading to find out:
- Is will necessary?
This is a question which not many people look forward to but life is unpredictable and it is very necessary that you consider the steps after the expat dies as there are many complications which can arise and be problematic for the people and families involved. If you don’t consider the option of will, then if you being an expat passes away, the governing bodies will have the right to freeze the accounts, cancel visas of the residents under expat’s custody and the division of property will take place through an arbitrary formula.
- Major difference
One of the biggest differences between the two is its jurisdiction. Dubai courts’ will will be applicable to the entirety and all around UAE as it is the main governing body of the region while DIFC will only work on the international rules and regulations which mean that if you get a will notarized from DIFC, it will be applicable internationally but only Dubai and Ras Al Kaimah in UAE itself. This is because of the freezone and onshore company distribution.
- Criteria for DIFC will
If you are concerned whether you need to live or work in DIFC in order to register for the will then consult DIFC wills service centre as they can guide you about it. As long as the eligibility criteria is concerned, you need to be a non Muslim and confirm your status as never been a Muslim before. You should be above the age of 21 years and own your assets and business in Dubai or Ras Al Kaimah. Of course, if you have any children under your custody, they should be residing in Dubai or Ras Al Kaimah to be eligible to be enrolled in the will.