It is aimed at those who are over 21-years-old with assets, including property and bank accounts, physically located or registered in either or both Emirate. Any children for whom a person wishes to appoint guardians must be habitual residents of Dubai or Ras Al Khaimah. It does not extend to assets located or registered in other Emirates or abroad, but it does if they are consolidated under a Dubai or RAK ICC entity.
The benefits of a DIFC will registered through the RAK ICC Wills and Probate Registry (WPR) are:
• The certainty of wealth distribution and guardianship appointments
• Cost effective service
• Speedy registrations
• Efficient enforcements through the Dubai and RAK courts
• Transparent probate distribution
• A more reliable option than a notorised will.
There are five types of will that can be registered. They are:
Full Will – An option for those who want to register a will to govern the distribution of their assets or a will to include both assets and guardianship provisions. It can cover the assets in the United Arab Emirates or elsewhere.
Guardianship Will - Solely provides for the appointment of guardians for minor children who are habitual residents of either Dubai or Ras Al Khaimah.
Property Will – Can include up to five real estate properties (or a share in up to five real estate properties) situated in the UAE.
Business Owners Will - Can include up to five separate shareholdings in any free zone or UAE onshore company situated in the United Arab Emirates.
Financial Assets Will - Can include up to 10 separate accounts or a share in up to 10 separate accounts registered in the client's sole or joint name and are legally held with a bank or brokerage firm (registered and governed by the Central Bank of the UAE) whereby the branch at which such accounts are registered is situated in the United Arab Emirates.
ILS World is a global provider of independent fiduciary services with a great deal of experience in advising private clients including individuals, trustees and family offices. We act in their long term interests and pay careful attention to the quality and personal service we deliver.
Our private client team works hard to create professional, long-term relationships by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with senior members of the team. Our staff have diverse backgrounds, skills and interests and their specialist experience, together with their "can-do" attitude, means they are very effective.
Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well placed to provide a cohesive service. Our network includes the British Virgin Islands, Dubai, Hong Kong, Isle of Man, London and Portugal.
A RAK ICC will requires a registered agent. ILS World has been operating in the region since 2005 and is licensed to provide this service. Find out more about RAKICC or for further information please contact Nadine Daoud at firstname.lastname@example.org
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Please note: ILS World does not offer tax advice. If you are not professionally qualified to give tax advice we will be happy to make an appropriate introduction.