All of you must be aware of what wills and probate are. But, if truth be told, there are many who do not know how these documents work. In simple words, wills and probate are the legal documents that decide how a person’s assets and possessions will be managed and distributed among his decedents in the event of his death.
Legal status of a will
If you don’t know already, will is considered one of the most important document by a deceased person that expresses his final wishes. Wills in Dubai are accepted as a legal binding document that carries a number of instructions and last wishes of a deceased person. A will may include anything about which the person who writes it to express his wishes, such as, instructions about his funeral, declarations and instructions, his decision about his assets that how he want to distribute them among his decedents and much more.
How and why making a will is important for you?
Many people make joke about wills that what good a will can do for them once they are dead. Fact is that preparing a will is the best way to ensure that all your wishes and instructions will be followed and fulfilled in their full spirit when you die. Moreover, by making a will you will have great peace of mind that your family and loved ones will not face any difficulties once you will be no more there to take care of them. You can even appoint a trusted and reliable person as a custodian or executor of your will. If you feel that your assets and possessions are complex and difficult to manage by one person then you can even appoint a management board to manage your assets effectively in the event of your death. It is important that you must appoint someone you trust as executor of your will. If you will neglect this aspect anyone from your family or friend can step forward to legally apply to be appointed as grant of probate whether you like him or not. This will not only give him control over your property and assets but can cause a number of conflicts and difficulties among your loved ones.
Making a will is also essential if you want to avoid heavy amount of money that you will have to pay otherwise as inheritance taxation. For this reason, it is highly recommended for you start looking for professional experts who well reputed for preparing DIFC wills and probate before its too late.