the importance of inheritance planning
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Singapore Middle East India
THE IMPORTANCE
OF INHERITANCE
PLANNING
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Goodwins Law CorporationINTRODUCTIONDANIEL SIMON – DIRECTOR FOR GOODWINS RECRUITMENTFARHA MUSA – CLIENT RELATIONS & BUSINESS DEVELOPMENT
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Judiciary in UAE
• The United Arab Emirates (UAE) is a federation of seven Emirates;Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Umm Al Quwain,Ajman, and Fujairah. UAE is a Civil Law Jurisdiction whose primarysource of law is a statutory code. It has been heavily influenced bythe Egyptian legal system which has its own roots in French andRoman Law.
• Islamic Law known as Shariah is applied in family courts but is verymuch less evident in the commercial sphere.
• The UAE Constitution permits each Emirate to have its ownlegislature, judges and Courts. However, all Emirates other thanDubai and Ras Al Khaimah have chosen to operate their Courtsaccording to a uniform federal model – thus they are referred to asFederal Courts. Whilst the rules and procedure of the Dubai and RasAl Khaimah Courts are slightly different, all Courts in the UAE fallinto the civil law hierarchy of First Instance, Appeal and Cassation(Supreme Court). All Courts have civil, criminal and family/shariahdivisions. Lawyers authorized to practice in the Federal Courtsrequire separate licenses to practice in the Local Courts. Only UAENational Advocates have right of audience before the Courts in UAE.Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Choice of Law (Relevant Provisions under the Civil Transactions Law – UAE Federal
Law No. 05 of 1985)- Article 17 (1) states "Inheritance shall be governed by the
law of the deceased at the time of his death“
- Article 17(5) states "The law of the United Arab Emirates shall apply to wills made by foreigners disposing of their real property located in the state."
- Article 12 (1) “The law of each of the spouses at the time marriage is concluded shall apply to the substantive conditions required for its validity.”
- Article 13 (1) states “The law of the state of which the husband was a national when the marriage was concluded shall apply to all consequences of such marriage on his personal status and property, produced by the contracting of marriage.”
- Article 16 (1) states “The law of the person requiring to be protected shall apply to all substantive matters relating to guardianship, tutorship, custodianship etc.”
THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Personal Status Law (UAE Federal Law No.28 of 2005)
Article 1(2) states: “The provisions of this Law shall apply to all citizens of the United Arab Emirates,
unless non-Muslims among them have special provisions applicable to their community. They shall
equally apply to non citizens unless one of them asks for the application of his law.”
THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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What is Shariah?
Meaning of Shariah
Shariah, or Al-Shari'ah, literally means the road to the watering place or path leading to the water, i.e . the way to the source of life/the way to God and purity.
Sources of Shariah
Why are we afraid of Shariah?
THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Inheritance – Testate and Intestate
• Succession or Inheritance is either ‘testate’ - or –‘intestate’.
• If you die after having an inheritance plan in place, that includes a will, you are considered to have died ‘testate’, and the inheritance to the properties/estate you leave behind will be determined according to the inheritance plan you have put in place.
• If you die without an inheritance plan, that includes a will, you are considered to have died ’intestate’, and the state where you live will determine who gets your assets.
THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Inheritance Planning
What is Inheritance Planning?
• Avoiding confusion when it comes to your final wishes.
• Ensuring that your children have the legal guardian of your choice.
• Protecting loved ones by ensuring that they receive your assets.
• Helping to reduce or avoid conflict among family members.
• Minimizing taxes and legal expenses associated with your estate.
• Wealth preservation for your intended beneficiaries.
• Flexibility for you before you die.
Who needs Inheritance Planning?
• Regardless of how much money/wealth you have, you need to think about what will happen to your assets and who should receive the things you own after you pass away.
How is Inheritance Planning done? Is it simple or complicated?
• An inheritance plan can be as simple as having a will and naming a beneficiary or as complicated as having several trusts for different purposes.
THE IMPORTANCE OF INHERITANCE
PLANNINGP.V SHEHEEN
PARTNER
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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INHERITENCE PLANNING – A UAE
PERSPECTIVETHE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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What happens when an expatriate passes away
while resident in the UAE?
The Resident Visas of all his / her dependants will be
cancelled.
The Passport of the Deceased will be cancelled on completing
the formalities.
The mortal remains have to be repatriated after all the
formalities.
The local bank accounts, investments & assets gets frozen
from further transaction.
Minor children may be taken under Government Care if no
defined Guardianship.
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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IN UAE, YOUR HOME
COUNTRY OR
GLOBALLY
Regional & Religious laws will
apply.
Beneficiaries will be
dictated by the Law of the Land
Crippling taxation on your estate
up to 50% in certain
countries..
The Court decides the Executors & Guardians
for children
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Why Inheritance Planning?
To appoint Guardians of your Choice
To remove the freeze on
assets on a fast track
To decide the mode of
distribution To have that emergency Money for
family
To avoid legal
complexities & disputes
To legally provide for people of
your choice
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Some things to ponder while Inheritance
Planning in the UAE…
Have Individual Bank Accounts where possible.
Make your spouse’s Visa separate from yours, if possible.
Keep money in offshore Bank
accounts / funds
Keep Offshore Life Insurance to
protect your assets.
Keep Offshore Life Insurance to cover
your liabilities.
Keep your children’s
education funding offshore.
Keep your hard earned retirement
savings tax planned.
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Most
importantly…Get your inheritance
planning professionally done,
documented and stored in a secure
place.
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Individual & Business Wills
(Single or Mirror Wills)
Enduring Powers of Attorney / GPOA / SPOA / Affidavits
Business Succession Planning
Advice on Inheritance / Retirement Tax Planning
Guidance in Trust Formations / Foundations / Offshore Companies
Family Disputes / Settlements / Child Custody
Advice on Intestate Probate and Execution of Wills
Services on Inheritance Planning
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
Member of
We believe in Law
Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae
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Thank you
THE IMPORTANCE OF INHERITANCE
PLANNINGDEVANAND MAHADEVA
DIRECTOR (LASTING LEGACY)
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