How To Plan What To Leave With Your Inheritance?

Have you ever considered writing a Will? Whether you are affluent or not, this is still very important! Why? Because in the event of an unforeseen tragedy, the wealth you are currently accumulating must be safeguarded and passed down to your loved ones! The possessions that you leave to your loved ones after you pass away are referred to as inheritances. Cash, investments like stocks or bonds, and other valuables like jewelry, cars, artwork, antiques, and real estate can all be acquired through inheritance. Even though it is the most significant aspect of a person’s life, it often goes unplanned. Even if you don’t have any expensive possessions to leave behind, resolving things out after you die away could have a significant, expensive effect on your loved ones if you don’t have a plan in place.

A Will in Dubai, and across the UAE allows you to leave an inheritance to your loved ones in a way that not only facilitates the distribution of your assets but also keeps young children safe from neglect after your death, and prevents family strife.

Assets That You Can Secure Through Wills in the UAE

One step in the inheritance planning process is creating a Will, which is typically done initially because it’s a simple way to get things started. However, compiling a list of your assets for your Will is necessary to start with before you even do that. What you can leave for your loved ones in your Will is as follows:

• Money in bank accounts:
  

  For your retirement and any unforeseen costs that your loved ones are unaware of, you might as well have saved up quite a bit of money. It will be a hassle to inherit this money when you pass away if it isn’t specified in your Will, as the bank accounts are frozen immediately in the UAE after the death of the individual.

• Gratuity:
  

  After the employment contract ends, a gratuity or end-of-service payment is made on an accumulated basis for the duration of service. However, if you pass away without designating beneficiaries, this money is frozen with the employer. You can therefore name your loved ones as the beneficiary of that amount in case of any unfavorable circumstance.

• Investments:
  

  Your Will should list the beneficiaries for all of your stock and bond holdings, mutual fund investments, and other non-retirement plan assets. By doing this, you make it clear who will receive what from your investments.

• Real Estate:
  

  No matter how big or small your property is, you should include it in your Will if you want to leave it to your loved ones. Real estate can take many different forms, including buildings, land, residences, and properties, and your Will should explicitly specify this.

• Vehicles:
  

  Just like your properties, vehicles should also be listed in your Will to avoid conflicts within your family or friends. You might also want to consider the debt associated with the vehicle and its insurance!

• Businesses:
  

  You should include your owned or part-owned business (if any) in your Will, regardless of the scope of your company—even if it’s only a side gig. You can facilitate an easy transfer of ownership in the business by appointing someone to take on your stake in it. Making sure that the initial direction that existed when the business was established still reflects your wishes is an effective move while you’re drafting your Will.

• Personal Belongings:
  

  When drafting a Will, this may not occur to you. This is because most people only consider the properties and finances that must be distributed to the beneficiaries. These are typically minor assets that hold sentimental significance which you would like to leave to certain family members and friends. These can include art, jewelry, heirlooms from the family, and other collections. Your Will can take care of unique things you know you want to leave to particular people in your life!

Choosing the Beneficiaries

When determining what to leave behind, it’s important to consider who would cherish it the most. It is also crucial to name your beneficiaries in your Will as precisely as possible because all Wills must go through Probate. In your Will, you can designate a primary and a secondary (or alternative) beneficiary. The person who will be the first to inherit any account assets upon your death is your primary beneficiary. Only if your primary beneficiary objects to the inheritance or becomes incapable of receiving it at all will your assets pass to the secondary beneficiary.

Taking a Consent From Your Family

In order to make it simpler for your family to comprehend the Will after it has been registered, you might want to think about having a conversation with them while adding beneficiaries to your Will. Find out about their interests in the assets and what part of property they would want to have included in the Will for themselves.

Updating a Will

As circumstances change, it is also necessary to amend your Will. When you registered the Will, your beneficiary may have been a minor and you their guardian. The provisions of the Will should be changed to reflect their age and interests; otherwise, there’s a risk that it won’t be enforceable after you pass away or that it will cause complications. The same holds true for acquiring any additional properties, the beneficiaries getting married, changing family circumstances, etc.

With an expert team of lawyers, Legal Inz makes the preparation, registration and amendment of your Will in the UAE simple and straightforward.