SUCCESSION PLANNING FOR BUSINESS OWNERS

Owning a business in Dubai has many challenges and responsibilities. One of those is the continuity of your business in the event of your death or serious illness. Your family, business partners, employees, investors, suppliers and customers all rely on you to meet their needs.

By going through the process of preparing a succession or business continuity plan, your business is able to consider its response to the situation. Making carefully thought through decisions without being under pressure will result in better decisions should you come to need to enact the plan. It will provide all parties with a clear understanding of what to expect and what is expected of them.

One important aspect of succession planning ensures your family receive the value of your share of the business and not the shares themselves. This separates their financial security from your business. It also enables your business partners to continue the business without the involvement of your family who may not wish to be directly involved.

If you would like to know more about business continuity or succession planning for business owners in UAE, please contact us.

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CLIENT TESTIMONIALS

“We knew we needed to get Wills in place, as we have young children, but didn't really know where to start. Our mortgage broker recommended Stuart to us and we are so glad she did! Stuart is extremely knowledgable and professional. He took all of the hard work out of the process for us and guided us every step of the way. I would HIGHLY recommend him and Great British Wills to other expats living in Dubai.”

Henry Jakins, Dubai

“My wife and I worked with Stuart to sort out our new wills. We were happy with the advice, Stuart is knowledgeable, flexible and very patient!”

Jonathan Kidd, Dubai

“My Will was prepared several years ago and needed updating and a friend recommended Stuart at Great British Wills. Stuart specializes on this area and hence very knowledgeable on the subject. He clearly explains everything and provides good professional advise. I am very happy to recommend Great British Wills to other expats living in Dubai.”

Paul Gyles, Dubai

“We contact Stuart to enquire about establishing a Will for our Estate and more importantly to discuss Guardianship of our two young children (especially as we are currently living in UAE) in the event anything was to happen to both my wife & I. As we were not sure on what route to take, talking with Great British Wills, enabled us to understand all the options available and to ensure we made the right decisions for our circumstances. This is a quite complicated and also a sensitive subject to explore and resolve and Great British Wills we’re both sensitive to our needs and professional in explaining all potential options to us to enable the right decision to be made! Further the patience shown as we took a long time to make our decisions was very much appreciated. We would definately recommend Great British Wills to anyone looking for guardianship and Wills.”

Steve Rickards, Dubai

“I had not prepared a Will before. I was concerned about what was involved and making tricky decisions. However, Stuart was able to explain the options available in a clear way so that I could make an informed decision. It was easier and quicker than I had thought now I have a Will and feel more secure about the future for my family if the worst should happen. It was a very easy process and I am so happy I did it. I have also spoken to Stuart about financial planning. He has the same straightforward and transparent approach to this side of his work too which has helped me make some important decisions for my future. He also brings nice biscuits to every meeting too! Hats off to Stuart!”

Lucy Bradley, Dubai

“Stuart came highly recommended by several people on a popular expat chat forum. We utilised his service to arrange our wills in Dubai. From start to finish we received professional yet very personable service from Stuart. He talked us through everything, step by step, explaining all of the what's, why's and wherefores. The service provided by Stuart throughout the delicate process was exemplary and I would have no hesitation whatsoever in recommending him.”

Mark Forrester, Dubai

“Stuart has been an excellent advisor during the process of building our Will. In what can be a difficult process, he was able to empathise and advise us in a way that was perfect for us as people and suited to our circumstances. Wills can be very complicated in UAE. Stuart has immense knowledge and will help you to navigate this, so you end up with a product that is truly individual and perfectly suited to you. Thanks Stuart.”

Michael Irvine, Dubai

“We had Wills in place, but they were out of date, I called a Solicitor firm, but they didn't do UK Wills, however they kindly gave me Stuarts contact details. We set an appointment and with Stuarts professional guidance we got our new Wills in place. We then made a further appointment to discuss our Finances. Stuart explained everything in clear, plain language and not baffled us with finance jargon, he brought to our attention several points that we were not aware of, he is very thorough and has given us some excellent yet simple advice on saving for the future. We are very happy with his service and would highly recommend him.”

Jeremy Coulbeck, Dubai

WHAT HAPPENS IF I DO NOT HAVE A WILL?

In England & Wales, where no Will exists the deceased will be treated as having died ‘intestate’. For assets in the UK, married couples with children have a right to all of their deceased spouse’s personal effects as well as the statutory legacy sum (up to £322,000 from 26th July 2023). If the estate is worth more than the statutory legacy sum, 50% of the excess is passed to the surviving spouse and the remaining 50% is distributed equally between the deceased’s children. This can cause problems. For instance, where the main asset is the matrimonial home and one of the children wants their inheritance causing the property to be sold.

Where there are assets in UAE and there is no Will the situation is complex for expatriates, multiple factors such as family structure, type of asset, and the religion of the deceased are taken into consideration when the courts decide how to distribute the deceased’s assets. Recent changes in federal legislation have sought to improve clarity for non-Muslims and time will tell how each Emirate adopts the federal law.

For further information, please contact us.

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