What should you mention in your will?
For all the property-related affairs, the document that holds extreme legal importance is a ‘will’. It is a legal document that specifies how the financial affairs of a person will be managed after his demise. Nowadays, will has become an essential document considering the uncertainties life unfolds. In UAE, any person above the age of 18 years having a sound mind can make a will.
In this article, we are going to discuss the necessary elements of a will with the help of our best family lawyers in UAE.
Kinds of will in UAE
Before moving further, it is important to understand the kinds of wills prevalent in the UAE. In the opinion of our best family lawyers of UAE, there are mainly 4 types of wills, which are as follows –
- Simple will
As the name suggests, this type of will encompasses simple information, such as the name of the person executing the will, the receiver of assets, guardian of children, etc.
- Joint will
This type of will is preferred by partners or married couples. In this will, the assets are transferred to the co-testator after the death of the testator. If in case both parties die, the executor distributes the assets in accordance with the desire of the deceased.
- Testamentary Trust will
This type of will provides for the establishment of a trust where all the assets are pooled up and a trustee is appointed to manage such assets. This will is designed to confer benefits to young children and mentally incapacitated individuals.
- Living will
As pointed out by our top family lawyers of UAE, a living will is similar to a power of attorney and it is used when the testator is too ill to take a crucial decision.
What are the essential components of will?
In the opinion of our top family lawyers of UAE, the following things must be clearly incorporated into a will-
- Complete list of assets
Since the subject matter of a will is the financial assets of a person, it is extremely important to incorporate all the assets belonging to a person. Our top family lawyers of Dubai have suggested that the assets include all the tangible and intangible assets having economic value.
- List of beneficiariesBeneficiaries are the persons who receive the assets of the testator when the will comes into effect. It will include, spouse, daughter, son, charity organization, etc.
- Distribution of assets
This is the most contentious clause in a will that gave birth to endless litigation. Thus, it is important to draft this clause very eloquently and elaborately while explaining which beneficiary will receive which asset.
- Selecting an executor
Executors bring into effect the last wish of the deceased, thereby, he should be chosen with utmost care and caution. The executor will not distribute the assets but will also be responsible for discharging the debts of the deceased. As highlighted by our top family lawyers in UAE, the minimum age for being an executor is 21 years.
- Choosing a good legal counsel
Having good and experienced legal counsel is an essential requirement for the successful execution of a will. The top family lawyers of UAE will go through the document very carefully to ensure that nothing is left.
In UAE, it is mandatory that the will must be in the Arabic language by an authorized legal translator. For convenience, the testator may draft the same in the English language in addition to Arabic.
A will decides the fate of the financial assets of a person after his demise. It is extremely important to incorporate all the essential components, such as the details of assets, division of assets, name of executors, etc. So, contact our best family lawyers of UAE today and secure your family’s future.
BSB legal is a specialized family law firm of Dubai. Our best lawyers will assist you in drafting, advisory and other legal assistance pertaining to your will. To know more information, kindly contact one of our best family lawyers in UAE. You can email us at firstname.lastname@example.org or call +971 5 016 05046