1.What is a will / last WILL?
A will is arguably the most important legal document that the average person will ever sign. It is an instrument that, on your death, controls who gets your property / assets, who will be the guardian of your children, and who will manage your estate.
2. Who needs a WILL?
Anyone with any kinds of assets. For eg:-
1. Salaried:- To protect your death-in service benefits, Gratuity payment, salary account, bank accounts (single or joint) and lastly any other class of assets.
2. Business Owners:- To protect your company, company bank accounts, company assets, personal assets, personal bank accounts and lastly any other class of assets.
3. Parents: - To protect their minor child / children (by appointing guardians).
4. Property Owners: - Any one i.e. residents or nonresidents / investors owning properties in the UAE also needs to have a WILL in order to secure their assets to avoid unfavorable distribution of assets as per the default inheritance law of the country i.e. SHARIA LAW.
3.What happens if I die without a will?
If you do not make a will, local law (sharia law) will determine who gets your assets. This process is called "intestate succession."
4.What happens to my debts after I die?
No other person is liable for the liability of the deceased but the Estate of the person is.
The general rule is that all debts must be paid before any assets are distributed. Your outstanding loans, for instance, are generally paid before any money or gifts are distributed to your heirs.
An exception to this general rule is for "secured debts," that is, debts that allow the lender to take possession of a specific piece of property if the debt is not repaid. Examples of such secured debts are mortgages or auto loans. If a piece of property is collateral for a secured debt, that property can be distributed, but the debt will generally go with it. For instance, say you have a car worth $10,000 and a loan on the car of $5,000. You can leave the car to someone in your will, but it will be that person's obligation to pay off the loan.
5.Can I change or revoke my will after I make it?
You can revoke a last will any time before death by making a new last will that states that all prior last wills are no longer valid.
6.What should I do with my last will after I sign it?
After you sign your last will, you should keep it in a safe, easily accessible place. Be sure that the person whom you have appointed as your executor knows exactly where you stored your last will.
7.WHO ARE THE EXECUTORS OF A WILL?
An executor is the person who wraps up the estate of a person who has died. When a personal representative is appointed by the court (rather than named in a will), he or she may be called the estateâ€™s â€œadministrator. The main responsibility of the executor is to ensure that the assets are transferred to the appointed beneficiaries as per the WILL document.
8.Can I name more than one person to be the executor for my estate?
Yes, you can. Appointing more than one executor is always helpful.
9.Can I appoint a guardian for my children in my will?
Yes. A will is the best place to indicate who should be your child's guardian. A court will always consider your choice, but it will also assess the situation and then appoint the person it thinks will do the best job for your child.
10.DOES my executor must live in the UAE ?
NO, its not necessary. One can choose to appoint the executor irrespective of where the executor lives.
11.DOES the appointed guardian in my WILL must live in the UAE?
NO, not necessary. However, if the appointed guardians are not residing in the UAE then you must appoint interim / temporary guardian living in the UAE to take care of the child until the permanent arrives in the country to claim custody.