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ESTATE PLANNING

The purpose of Estate planning is to structure your Estate to limit the impact of succession on your assets when passing them to the next or subsequent generations. Key areas are:

 

Planning By having thought through your wishes and communicated them to those concerned the process will be smoother when the time comes for them to take over control.

 

Tax Taking measures to reduce the amount of tax payable to the minimum is the standard strategy to ensure the maximum amount of wealth is transferred.

 

Trusts A trust is a useful tool which enables the person establishing it to have influence in the management and distribution of their wealth after it has been passed on to the next generation.

 

Education Inheriting substantial wealth can have unexpected effects on those receiving it. Educating the next generation on wealth management matters will result in them making the right decisions when they inherit.

 

Your estate planning objectives need to be balanced against your needs during your lifetime contact us for more information.

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CLIENT TESTIMONIALS

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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