4 things you need to know about DIFC Property Wills

DIFC Courts Wills Service (DIFC CWS) has introduced a new type of Will called ‘Property Will’ under the DIFC Wills and Probate Registry Rules (DIFC WPR Rules).

Here are the four (4) things you need to understand in order to decide whether you should go ahead with a DIFC Property Will or a full DIFC Will.

What exactly is covered in a Property Will?

A DIFC Property Will is a Will that is prepared for non-Muslim individual who is over 21 years of age and only covers real estate property situated in the United Arab Emirates. In specific, a DIFC Property Will covers:

1. up to five (5) real estate properties situated in the United Arab Emirates which are required to be described in detail in the Property Will; and

2. appoints executors and beneficiaries.

You do not need to be a resident in the United Arab Emirates in order to make a DIFC Property Will.

What is not covered in a DIFC Property Will?

No assets other than the real estate property can be covered in a Property Will.

You should choose a full DIFC Will if you have any of the following:

1. Minor children (below 21 years of age) living with you in Dubai/Ras Al Khaimah as you will need appoint guardians for such children; or

2. Any other assets such as bank account(s), vehicle(s), cash, jewelry, shares in companies, bonds, financial assets, other types of moveable assets in the United Arab Emirates; or

3. Variety of moveable and immoveable assets in the United Arab Emirates; or

4. More than five (5) real estate properties in the United Arab Emirates; or

5. Significant debts in the United Arab Emirates; or

6. The distribution of your property is likely to be complex.

What is the DIFC CWS fee for the registration of Property Wills?

The main advantage seen in the registration of a DIFC Property Will (as against a full DIFC Will) is the difference in the registration fee charged by the DIFC CWS.

The registration fee details are as follows:

1. Single Property Will: AED 7,500

This is AED 2,500 less than the full DIFC single will fee.

2. Mirror Property Wills: AED 10,000

This is AED 5,000 less than the full DIFC mirror wills fee.

3. Modification fee of Property Will: AED 550

There is no difference in the modification of will fee charged for the full DIFC Will and Property Will. It should be kept in mind that, the Property Will contains details of each property and you will need to amend the Property Will each time you purchase or sell a Property. This would not be the case with the full DIFC Will under which all your assets will automatically be covered any any sale or purchase of assets after signing the will would not make any difference on the status of the Will.

How to make a Property Will?

You will need to fill in our simple online form to prepare the DIFC Property Will. Our Wills draftsman will prepare draft of Property Will according to your instructions and finalise it.  On the completion of a Property Will, you will make an appointment at DIFC CWS to register your Property Will. All appointments to register and sign a Property Will are made using the DIFC CWS’s online system. You will need to attend the appointment at DIFC CWS in person to register and sign your Property Will.