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CONTROL

1. If you have no Will you give up control of all of your possessions on death. The State will impose the provisions of a law written in 1925. This law has not been fully updated to accommodate modern families such as unmarried couples, those married to non-UK nationals and children of partners from previous relationships.

CONTROL

2. Where you are married with children, half of your assets will go to your spouse and the balance be distributed equally to your children, this can create problems where the main asset is the family home and the children want to inherit their share.

CONTROL

3. Where you are married but do not have any children your spouse will receive everything, if you have former partners or friends who you wish to receive a sum of money or item of remembrance, there are no provisions for this in the intestacy rules.

CONTROL

4. Where you have no spouse or children your parents will receive your estate after deduction of tax. Depending on their circumstances, this can result in problems with their own Estate planning.

CONTROL

5. There is no provision for bequests to any charity which you may feel is a better recipient of your hard-earned money than the UK government.

TAX

1. UK expatriates often forget about Inheritance Tax which applies regardless of where they live. This is a capital transfer tax. On death, after exemptions and allowances, the tax is charged at a flat rate of 40%.

TAX

2. For UK expatriates the whole of their Estate is subject to Inheritance Tax. That is all of their worldwide assets after allowances and exemptions.

TAX

3. The State imposed Will does not attempt to reduce this tax or how it is paid. A Will can provide you with an opportunity to minimise and control this tax.

TAX

4. Even Non-UK nationals who hold assets in UK are subject to UK Inheritance Tax on their assets, such as property, held within UK.

TAX

5. Former Finance Ministers have referred to Inheritance Tax as a ‘voluntary’ tax and one that is only paid by those ‘who trust the Government more than their family’. Whilst this may be an exaggeration there is an element of truth in these statements.

TWO EXTRA REASONS FOR DUBAI EXPATRIATES

1. If no Will exists, local law will be applied to your Estate within UAE borders. The distribution of these assets will be based on Sharia law which favours the male line;

TWO EXTRA REASONS FOR DUBAI EXPATRIATES

2. Due to the way assets are distributed, Inheritance tax is likely to be more then necessary.

All adult residents in Dubai should have a Will. Failure to have a statement of your wishes to be enacted on your death adds considerable stress to an already difficult situation.