How to Put the Right Money in the Right Place at the Right Time – Estate Planning
To most Individuals the term “Estate Planning” evokes an image of very wealthy individuals paying a team of legal advisers huge amounts of money to set up impenetrable Trust arrangements and intricate Will’s specifying how their enormous wealth should be distributed at the time of their death. If this is your view then read on!
The world is becoming smaller and the number of individuals who live with families overseas, have international investments or cross border business interests will continue to grow. The international client will have several concerns when trying to protect their families and their assets in the event of death or long term disability and will almost always require a degree of planning and advice.
Everyone can benefit from a Will or some other form of Estate Planning. Avoiding or reducing estate taxes, saving on administration costs, specifying who will benefit from your estate at the time of death and protecting your families future are just a few of the benefits that us mere mortals can take advantage of.
In the UAE the idea of estate planning is sometimes complicated due to the fact that Sharia Law takes precedent (Distribution Rules). However, this is an obstacle that can easily be overcome with the correct planning and structure of assets.
If you are an expatriate living in the UAE and you have property, investments or other assets you could be jeopardising both you and your families futures.
Why put your worldwide assets or your families well being at risk? With some simple planning and the use of a Sharia compliant Will you can go a long way to ensure your family benefits from the wealth you have worked hard to acquire.
For the unprepared and ill informed, a lack of planning will lead to disaster.
If you would like to understand more about Estate and Succession Planning and how to best position your assets in the UAE, then you should seek quality independent advice from a fully qualified Independent Financial Adviser.
