Personal
Will Writing & Personal Financial Planning in the UAE and UK
Specialist will writing for Dubai, Abu Dhabi and UAE residents, alongside Inheritance Tax planning and lifetime guaranteed retirement income for British expats and high-net-worth individuals worldwide.
Lifetime Guaranteed Income
A lifetime guaranteed income provides reassurance to individuals who may be concerned about the volatility of the investment landscape. With traditional retirement portfolios susceptible to market fluctuations, the risk of exhausting funds prematurely looms ominously. However, with a universal life plan, one is afforded the invaluable security of never facing financial depletion due to stock market downturns for the entirety of their life.
Will Planning in the UAE and UK
For expats of all nationalities living in Dubai, Abu Dhabi, or elsewhere in the UAE, will planning is a critical first step. Without a valid UAE will, Sharia law applies to your UAE estate by default - regardless of your nationality or wishes. A registered UAE will, working alongside a will in your home country, ensures your assets pass to the right people without court delays.
Kingsman Associate specialises in coordinating UAE and home-country wills for clients with assets across multiple jurisdictions, ensuring the documents work together seamlessly and that your full estate planning position is considered.
Learn More: Wills in the UAEWhy does establishing a Will hold such paramount importance?
Crafting a Will empowers you to precisely orchestrate the fate of your estate upon your passing. It guarantees that your intended beneficiaries receive their rightful inheritances in alignment with your directives, thereby forestalling any potential discord among family members. Above all, crafting a Will bestows a profound sense of tranquility and assurance. It ensures the assets get passed to the right person at the right time.
Risks of dying without a Will
- Uncertainty looms over whether those you intend to benefit will indeed receive their due.
- Your spouse or civil partner does not automatically inherit the entirety of your Estate.
- Unmarried partners, recognized neither by law nor by statute, risk being excluded from any inheritance.
- Minor children might face placement into Care until Guardianship is established.
- The probate process may be prolonged, subjecting your beneficiaries to lengthy waits and potential disputes.
- Certain family members may benefit against your wishes, as dictated by the laws of intestacy.
- Donations to friends, colleagues, or charitable organizations cannot be made.
- Upon divorce, prior testamentary arrangements become null and void.
Inheritance Tax (IHT) Planning
A thorough examination of your Inheritance Tax (IHT) standing is imperative, given that it presently incurs a 40% levy on the net worth of assets surpassing the Nil Rate Band. The latter, fixed at £325,000 per individual or £650,000 for couples, remains unchanged until 2028. However, under certain circumstances, this threshold can escalate to £1,000,000 for couples, provided their residential property passes on to a direct lineal descendant.
Moreover, the settlement of IHT dues to HMRC is mandated within six months from the date of demise, necessitating proactive planning beforehand. After this period HMRC have the right to charge interest.
For individuals recognized as UK domiciled or deemed domiciled by HMRC, regardless of their current residency status, IHT is levied on their global assets. Assets susceptible to IHT encompass shareholdings, primary residences, additional properties, savings and investments (including ISAs), vehicles, and personal effects.
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