Why a Businessman Should Have a Will In The UAE?
Companies in Ajman Media City, Over the years, the UAE became a hub for business people from all around the world. All of them work hard to earn a living for their families. Everyone wants to secure the future of their families before death comes knocking. Since no one knows when their time would be up, so it is important to sort your will in your life. Many expatriates living here fail to understand that in the absence of a will, which is recognized by the legal system of the country, the overall process of transferring the assets after their death will become a time-consuming and costly affair for their love ones.
Families are the ones for whom people earn money for, and after death, only a will make sure that the money left behind by the decease will get inherited by them.
Generally speaking, family members cannot get their hands on the assets of the deceased immediately and that conveniently because banks accounts, single and even joint ones, get frozen in the case of the death of the breadwinner.
The case has to be dealt with at the local court. For some, it can give rise to a lot of financial complications, especially at a critical time like death. However, having a will in place saves the family of the decease from a lot of hassles.
Ajman Media City Freezone consists of many legal firms that can help you in the preparation of your will. The laws of will preparation are the same for any company, be it the mainland or free zone. This will have to register before the Notary public court of the UAE. Make sure you make a will in your life to protect your family and your assets.
Wills are not just for the Rich
- Many people are taken aback when they hear the term ‘will’. They say wills are for the rich people, and since they are expatriates with small bank balances, they don’t need a will. It is high time that you understand that protecting your assets for your family is and should be your priority. No one would want their family to suffer because of their negligence. It’s your hard-earn money and your family has every right to it.
Do you need a Will?
Anyone who wants to hand over their assets and investments to their families after their death should meet an expert who can draft a will for them. (Visit any legal firm in Ajman Media City Freezone to know more about will preparation.)
- If your children are less than 21-years of age.
- If you are an investor or a businessman.
- If you are the owner of a property or have any sort of substantial asset in the country.
If you don’t consider making a will, the inheritance law of the country shall be applied by default.
Are there other risks?
In the absence of the will, the personal assets of the decease shall get frozen until all the incurred liabilities have been discharged. The wife automatically receives 1/8 of the estate. The properties that are jointly own shall be frozen till the courts have determined who gets what amount of the inheritance.
No matter what type of a company you own, an LLC or a Freezone, the local policies apply when a shareholder dies. In other words, the share won’t be divided base on the principles of survivorship, even if the inheritor is a member of the family.
As for the couples who want their better halves to be the legal guardian of their children after their death should know the importance of a will, without which children below 21 years of age won’t have the rightful guardian to take care of them.
Consult the Professionals when it Comes to Legal Matters
Remember, not everyone will give you the right advice, that is why you need to consult the professionals in legal matters whether it is about Companies in Ajman Media City and setting up your business in the most suitable place in UAE or preparing your will so that you can establish and run your business in UAE without taking undue risks and making costly mistakes. Makateb can help you establish your business in Ajman Media City Freezone, one of the fast-emerging economies.