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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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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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