The rules for writing a will and estate planning can be different in each and every state. If you don’t write a will, then state government distributes your estate and property according to the state laws and regulation to your loved ones after your death. For example if you are an investor in Dubai and you didn’t follow the procedure of DIFC wills and probate registry, then your estate and investment will be distributed to your loved ones according to the UAE government laws to your family members. It is very essential to making a will in Dubai especially for non-muslim to get benefit in the business. Here are the few reasons why every person should have the will if he is wealthy.
To appoint a guardian for your children: Nobody can take care of the children as the parents do. You can mention in your will that who will be the guardian of your children after your death who can take care of them properly. You can choose your loved ones as the guardian of your children whom you can trust. If you don’t write a will then the state government decides the guardian for the children. It is essential and major reason for writing a will for you.
To protect your business: You can pass your business to your co-owners and your loved ones after your death. You can clearly mention the percentage of shares which you want to give your family members and co-owners. In this way you can protect your business from passing in the wrong hands.
To decide who will receive your assets: You can write a will to decide who will receive your assets. You can gift your belongings and estate to your loved ones and children after your death and state government can’t interfere in this. You have all the rights that to whom you want to gift your belongings.
To provide for a charity: A will is not only for the purpose that you want to give your assets to your loved ones. You can also mention in the will if you want to give your belongings to a charity foundation. It is not necessary that you will give your assets to the family members or loved ones, you can also give it to charity but make sure that your belongings are used for good purpose.