THE IMPORTANCE OF INHERITANCE PLANNING

Transcription

1 We believe in aw THE IMPORTANCE OF INHERITANCE PANNING ingapore Middle East India I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

2 We believe in aw INTRODUCTION DANIE IMON DIRECTOR FOR GOODWIN RECRUITMENT FARHA MUA CIENT REATION & BUINE DEVEOPMENT asting egacy merges with Goodwins aw Corporation I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

3 PANNING P.V HEHEEN PARTNER Judiciary in UAE We believe in aw The United Arab Emirates (UAE) is a federation of seven Emirates; Abu Dhabi, Dubai, harjah, Ras Al haimah, Umm Al Quwain, Ajman, and Fujairah. UAE is a Civil aw Jurisdiction whose primary source of law is a statutory code. It has been heavily influenced by the Egyptian legal system which has its own roots in French and Roman aw. Islamic aw known as hariah is applied in family courts but is very much less evident in the commercial sphere. The UAE Constitution permits each Emirate to have its own legislature, judges and Courts. However, all Emirates other than Dubai and Ras Al haimah have chosen to operate their Courts according to a uniform federal model thus they are referred to as Federal Courts. Whilst the rules and procedure of the Dubai and Ras Al haimah Courts are slightly different, all Courts in the UAE fall into the civil law hierarchy of First Instance, Appeal and Cassation (upreme Court). All Courts have civil, criminal and family/shariah divisions. awyers authorized to practice in the Federal Courts require separate licenses to practice in the ocal Courts. Only UAE National Advocates have right of audience before the Courts in UAE. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

4 We believe in aw PANNING P.V HEHEEN PARTNER I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

5 PANNING P.V HEHEEN PARTNER We believe in aw Choice of aw (Relevant Provisions under the Civil Transactions aw UAE Federal aw No. 05 of 1985) - Article 17 (1) states "Inheritance shall be governed by the law of the deceased at the time of his death - Article 17(5) states "The law of the United Arab Emirates shall apply to wills made by foreigners disposing of their real property located in the state." - Article 12 (1) The law of each of the spouses at the time marriage is concluded shall apply to the substantive conditions required for its validity. - Article 13 (1) states The law of the state of which the husband was a national when the marriage was concluded shall apply to all consequences of such marriage on his personal status and property, produced by the contracting of marriage. - Article 16 (1) states The law of the person requiring to be protected shall apply to all substantive matters relating to guardianship, tutorship, custodianship etc. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

6 Personal tatus aw (UAE Federal aw No.28 of 2005) We believe in aw PANNING P.V HEHEEN PARTNER Article 1(2) states: The provisions of this aw shall apply to all citizens of the United Arab Emirates, unless non-muslims among them have special provisions applicable to their community. They shall equally apply to non citizens unless one of them asks for the application of his law. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

7 What is hariah? We believe in aw PANNING P.V HEHEEN PARTNER Meaning of hariah hariah, or Al-hari'ah, literally means the road to the watering place or path leading to the water, i.e. the way to the source of life/the way to God and purity. ources of hariah Why are we afraid of hariah? I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

8 We believe in aw Inheritance Testate and Intestate PANNING P.V HEHEEN PARTNER uccession or Inheritance is either testate - or intestate. If you die after having an inheritance plan in place, that includes a will, you are considered to have died testate, and the inheritance to the properties/estate you leave behind will be determined according to the inheritance plan you have put in place. If you die without an inheritance plan, that includes a will, you are considered to have died intestate, and the state where you live will determine who gets your assets. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

9 Inheritance Planning We believe in aw What is Inheritance Planning? PANNING P.V HEHEEN PARTNER Avoiding confusion when it comes to your final wishes. Ensuring that your children have the legal guardian of your choice. Protecting loved ones by ensuring that they receive your assets. Helping to reduce or avoid conflict among family members. Minimizing taxes and legal expenses associated with your estate. Wealth preservation for your intended beneficiaries. Flexibility for you before you die. Who needs Inheritance Planning? Regardless of how much money/wealth you have, you need to think about what will happen to your assets and who should receive the things you own after you pass away. How is Inheritance Planning done? Is it simple or complicated? An inheritance plan can be as simple as having a will and naming a beneficiary or as complicated as having several trusts for different purposes. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

10 We believe in aw PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) INHERITENCE PANNING A UAE PERPECTIVE I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

11 We believe in aw What happens when an expatriate passes away while resident in the UAE? PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) The Resident Visas of all his / her dependants will be cancelled. The Passport of the Deceased will be cancelled on completing the formalities. The mortal remains have to be repatriated after all the formalities. The local bank accounts, investments & assets gets frozen from further transaction. Minor children may be taken under Government Care if no defined Guardianship. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

12 We believe in aw PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) Regional & Religious laws will apply. Beneficiaries will be dictated by the aw of the and IN UAE, YOUR HOME COUNTRY OR GOBAY Crippling taxation on your estate up to 50% in certain countries.. The Court decides the Executors & Guardians for children I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

13 We believe in aw To appoint Guardians of your Choice PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) To remove the freeze on assets on a fast track To decide the mode of distribution Why Inheritance Planning? To have that emergency Money for family To legally provide for people of your choice To avoid legal complexities & disputes I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

14 We believe in aw PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) Have Individual Bank Accounts where possible. Make your spouse s Visa separate from yours, if possible. ome things to ponder while Inheritance Planning in the UAE eep your hard earned retirement savings tax planned. eep your children s education funding offshore. eep money in offshore Bank accounts / funds eep Offshore ife Insurance to protect your assets. eep Offshore ife Insurance to cover your liabilities. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

15 We believe in aw PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) Most importantly Get your inheritance planning professionally done, documented and stored in a secure place. I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

16 We believe in aw PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) Individual & Business Wills (ingle or Mirror Wills) Enduring Powers of Attorney / GPOA / POA / Affidavits Business uccession Planning Advice on Inheritance / Retirement Tax Planning ervices on Inheritance Planning Guidance in Trust Formations / Foundations / Offshore Companies Family Disputes / ettlements / Child Custody Advice on Intestate Probate and Execution of Wills I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,

17 We believe in aw PANNING DEVANAND MAHADEVA DIRECTOR (ATING EGACY) Thank you I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet,