Earlier in September 2018, Dubai International Financial Centre (‘DIFC’) Courts had launched a Will Service Centre for business owners to register their wills for various shareholdings they hold in the companies formed in the Emirate of Dubai or the Emirate of Ras Al Khaimah. However, DIFC Courts recently announced that they are now accepting wills with assets across UAE and abroad.
DIFC Courts announced that Wills Services are being expanded to now include residents and investors with assets across UAE and abroad. This is because DIFC Courts follow an English common law system to quickly settle the local and international commercial or civil disputes. The same court also issued judgments on wills registered by expatriates in the country.
Muslims automatically follow Sharia law for distribution of assets of a deceased person. Hence, the right of survivorship to pass the assets to joint owner upon death of one owner is not recognized in the UAE. Therefore, DIFC Courts’ amended rules is expected to be a welcome change by the 8 million expatriates residing in the country. Clients who already have registered their wills with DIFC can amend their wills for free in the month of August.