Do I need a UAE Will? What happens if the unfortunate occurs, will my family be taken care of? What are my legal obligations?
These are all really important questions to add to the huge list of things to do when moving to a new country and becoming an expat.
Luckily, the team at Holborn Assets (licensed by the Federal Insurance Authority & the UAE Ministry of Economy) have given us their Top 5 Financial Tips for UAE Expats.
Here is thier first and possibly most important top tip.
"The UAE is an Islamic constitution. If you die here as a non-Muslim and you do not have a valid Will there may be serious consequences for your family.
The laws of intestacy (dying without a valid Will), do not apply and Sharia law is followed by the courts in the distribution of your estate and guardianship of your children.
By default, Sharia law awards male heirs precedence over the estate, meaning that a husband, father, brother or son can precede over wife, mother, sister or daughter.
This could potentially leave a wife in dire straits, especially if she does not have a solid relationship with her husband’s family, as well as creating conflict between siblings and children."
Top 5 Financial Tips for UAE Expats
Check out the other top tips and how you can acheive your expat financial goals.
For a free consultation and impartial advice from a qualified financial advisor please contact Holborn Assets.