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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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WHAT HAPPENS IF I DO NOT HAVE A WILL?

Why pay for a Will, if you do not need it? In some circumstances, there is no need for a Will. However, for expatriates living in UAE, this is very rare.

Where no valid Will exists or no Will can be found the deceased will be treated as having died ‘intestate’. The treatment of the deceased’s assets depends on factors such as where the assets are located.

For assets in UK, married couples with children have a right to all of their deceased spouse’s personal effects as well as the first £250,000 of the estate plus half of any amount over £250,000. The balance is distributed evenly between the 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, local law requires a Sharia scholar to be appointed. This person will oversee the distribution of the assets within UAE in accordance with Sharia principles. The distribution will depend on the relatives of the deceased and others who may make a legitimate claim on the assets such as lenders.

For further information, please contact us.

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