Our power of choice is untrammelled and when nothing prevents being able to do what we like best every pleasure.
1. Legal Due Diligence
Legal Due Diligence is a comprehensive legal check of a company to assess risks while acquiring a business. The main aim of conducting Due Diligence is to eliminate or minimize possible negative consequences of transaction, as well as to optimize business processes during the company`s further activities. Such examination makes it possible to identify the risks of transaction invalidation, litigations initiation, imposing a penalty on property and corporate conflicts.
2. Drafting & Reviewing of Contracts and Agreements
Doing business involves entering into a many contracts of different types. When entering into an agreement it is necessary to consider the specifics of the relationship with the counterparty, and come to an agreement based on individual interests, circumstances and needs. A thoroughly written contract in legal terms is a key to the success of any deal. When entering into a contract with a counterparty, particularly if this party provides the contract, it is desirable to first verify the contents for compliance with current legislation, and for any financial and other risks it exposes the company to.
3. Will Registration in UAE
A will is a legal document, which describes a person’s wishes about his assets distribution between his family members, friends or other people upon his death. A will has exact details of all the asses the person owns and the names of the people with the shares of the assets they are getting.
The Civil Transactions Law of the United Arab Emirates (i.e. the Federal Law No. 5 of 1985, issued on 15 December 1985 as amended by Federal Decree no. 30 of 2020), deals with the provisions of inheritance and Wills. Article 17 allows non-Muslims to choose the law of their choice under their Will. This can be achieved by registering a Will with the relevant government body.
Any person who acknowledges his mortality thinks about making a will at some point of his life. It is especially important if you are living abroad and have some immovable assets out of your home country.
In such case a solution seems to be only one make a will and be sure your wealth gets to the right hands.
If there is no registered WILL, your close relative wants to inherit your assets, he or she will need to hire lawyers and open a case in the court in order to become eligible for receiving your funds or other assets. This process is long and expensive in comparison to having an attested will in advance.
Consequences of not having a will:
Personal and corporate accounts will be suspended until the bank receives a court order regarding the money distribution. The court may take a few months to a few years to decide upon your case. You will not be able to use that frozen money during this time.
If you have an account jointly with your husband or wife, it will be frozen as well, because the UAE has no doctrine of survivorship it means the surviving party will not be eligible to take the funds.
UAE residence visas of family members will be canceled.
The assets may not be inherited by your close family.
• Custody of small children will be under question.
Benefits of having a will
Evidence your intentions and stipulate your own wishes to be carried out.
Document where your assets situated in the UAE will be passed to
Protect your children and nominate guardians rather than relying on automatic appointments under UAE law
TYPES OF WILLS
DIFC Wills
DIFC wills and probate registry will be only for Dubai and Ras Al Khaimah based assets
Dubai Courts Will
Dubai Courts can attest a will for any types of assets in any UAE emirate
Abu Dhabi Wills
Abu Dhabi Judicial Department can attest a will for any types of assets in any UAE emirate
Requirements for Will Registration in UAE
Emirates ID & Passport Copy of Parties
Details of assets
Not a Muslim and has never been a Muslim before
Over 21 years old
