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Simple and cost-effective way to pass on assets to beneficiaries

DIFC Wills & Probate Registry (W&PR) has announced a simple and cost-effective mechanism for property owners in Dubai to pass on their assets.
On the first day of Cityscape, the registry has launched an online facility that provides eligible resident and non-resident property owners with a simple, cost-effective way to pass on their assets to their beneficiaries. This new facility will be made available on the Registry's website www.difcprobate.ae from September 6, 2016.
"From today, property owners can complete a template will online that is specifically limited to real estate. Although the W&PR strongly recommends considering legal advice, the property will is straightforward to complete. The formalities of registration remain the same as for all other forms of will that are registrable at W&PR," according to W&PR statement.
The online facility has been developed to address the concerns of both residents and investors in relation to inheritance matters, particularly where the sole or major asset is real estate property. In offering property owners this simplified system to choose their beneficiaries W&PR is supporting the drive toward further investment in Dubai and the retention of wealth in the Emirate.
Sean Hird, director, DIFC Wills & Probate Registry, said the number of Dubai property transactions by non-Muslims is likely to reach 13,000 this year and we want to make it as easy as possible to protect those properties through the registration of a will.
"We have sought to provide an innovative solution that gives both residents and overseas property investor's peace of mind - knowing that they can create a compliant will that will ensure their property is passed to their chosen beneficiaries," he said.
Previously, the W&PR Rules only set out specific mandatory statements that must be included in a will for it to be registrable. The new property will template however, is a complete self-contained document that can be easily completed. The registration cost of a single property will is Dh7,500 and that of two mirror property wills is Dh10,000. "To date we have registered more than 1,500 wills at W&PR. The new property will is part of our broader strategy to make registering a will accessible to more people and already this year we have taken significant steps towards this," Hird said.
"We secured major new partnerships with Emirates NBD, NBAD, Citibank, and RAKBANK - to offer easy zero per cent payment plans to their cardholders over periods of up to 12 months."
 - muzaffarrizvi@khaleejtimes.com