If you live the life of an expat, you can never really forget that you are on foreign soil. For expats in the UAE in particular, it is important to fortify your Legacy and in doing so protect close family, relatives and friends back home who may otherwise face an expensive legal battle to get what is rightfully theirs. At Holborn Assets our duty is to ensure that your legacy is legally and financially air tight. Areas to consider include:
Last Will and Testament
Your Last Will and Testament is the single most important document you will put your signature to in the latter years of your life. What you leave behind will dramatically change the lives of those who inherit. So you must, of course get it right, as leaving room for error or misinterpretation can lead to family issues. At Holborn Assets we are well placed to give you solid guidance.
With old age comes the unwelcome spectre of illness and incapacitation. You can however be prepared for all of the possibilities by making a Living Will, where you can make your wishes known regarding medical treatment or refusal of certain procedures. Such a document greatly relieves the burden on family members in the event you are unable to speak for yourself.
Married couples/civil partners often use Will Trusts to ensure that in the event of the death of one partner, the family home is passed on as the couple intended. Together with Will Trusts Holborn Assets can also guide and advise on exist legal mechanisms such as Lifetime Trusts and Discretionary Trusts.
Beneficiaries, Intestacy and Forced Heirship
Beneficiaries are the people who inherit. Intestacy describes the estate of a deceased person who, after any dues and fees, is not bankrupt. Forced Heirship is the law where the next of kin is entitled to half the estate before dues and fees are applied. These are complicated areas where some form of expert opinion is highly recommended.
For animal lovers the existence of a Pet Trust is welcome and comforting news. As with a family member, full legal provision can be made for a pet in the event of its owner’s death, allowing you to decide where your pet will live and how his/her living expenses will be covered after your passing.