We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Singapore Middle East India

THE IMPORTANCE

OF INHERITANCE

PLANNING

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Member of

Lasting Legacy merges with

Goodwins Law CorporationINTRODUCTIONDANIEL SIMON – DIRECTOR FOR GOODWINS RECRUITMENTFARHA MUSA – CLIENT RELATIONS & BUSINESS DEVELOPMENT

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Judiciary in UAE

• The United Arab Emirates (UAE) is a federation of seven Emirates;Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Umm Al Quwain,Ajman, and Fujairah. UAE is a Civil Law Jurisdiction whose primarysource of law is a statutory code. It has been heavily influenced bythe Egyptian legal system which has its own roots in French andRoman Law.

• Islamic Law known as Shariah is applied in family courts but is verymuch less evident in the commercial sphere.

• The UAE Constitution permits each Emirate to have its ownlegislature, judges and Courts. However, all Emirates other thanDubai and Ras Al Khaimah have chosen to operate their Courtsaccording to a uniform federal model – thus they are referred to asFederal Courts. Whilst the rules and procedure of the Dubai and RasAl Khaimah Courts are slightly different, all Courts in the UAE fallinto the civil law hierarchy of First Instance, Appeal and Cassation(Supreme Court). All Courts have civil, criminal and family/shariahdivisions. Lawyers authorized to practice in the Federal Courtsrequire separate licenses to practice in the Local Courts. Only UAENational Advocates have right of audience before the Courts in UAE.Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Choice of Law (Relevant Provisions under the Civil Transactions Law – UAE Federal

Law 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.”

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Personal Status Law (UAE Federal Law No.28 of 2005)

Article 1(2) states: “The provisions of this Law 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.”

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

What is Shariah?

Meaning of Shariah

Shariah, or Al-Shari'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.

Sources of Shariah

Why are we afraid of Shariah?

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Inheritance – Testate and Intestate

• Succession 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.

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Inheritance Planning

What is Inheritance Planning?

• 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.

THE IMPORTANCE OF INHERITANCE

PLANNINGP.V SHEHEEN

PARTNER

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

INHERITENCE PLANNING – A UAE

PERSPECTIVETHE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

What happens when an expatriate passes away

while resident in the UAE?

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.

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

IN UAE, YOUR HOME

COUNTRY OR

GLOBALLY

Regional & Religious laws will

apply.

Beneficiaries will be

dictated by the Law of the Land

Crippling taxation on your estate

up to 50% in certain

countries..

The Court decides the Executors & Guardians

for children

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Why Inheritance Planning?

To appoint Guardians of your Choice

To remove the freeze on

assets on a fast track

To decide the mode of

distribution To have that emergency Money for

family

To avoid legal

complexities & disputes

To legally provide for people of

your choice

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Some things to ponder while Inheritance

Planning in the UAE…

Have Individual Bank Accounts where possible.

Make your spouse’s Visa separate from yours, if possible.

Keep money in offshore Bank

accounts / funds

Keep Offshore Life Insurance to

protect your assets.

Keep Offshore Life Insurance to cover

your liabilities.

Keep your children’s

education funding offshore.

Keep your hard earned retirement

savings tax planned.

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Most

importantly…Get your inheritance

planning professionally done,

documented and stored in a secure

place.

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Individual & Business Wills

(Single or Mirror Wills)

Enduring Powers of Attorney / GPOA / SPOA / Affidavits

Business Succession Planning

Advice on Inheritance / Retirement Tax Planning

Guidance in Trust Formations / Foundations / Offshore Companies

Family Disputes / Settlements / Child Custody

Advice on Intestate Probate and Execution of Wills

Services on Inheritance Planning

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of

We believe in Law

Goodwins Law Corporation, 19th Floor, Al Wahda Commercial Tower, 11th Street, Hazza Bin Zayed, Abu Dhabi, UAE. Tel:+971 2 673 7338 fax +971 2 673 7337 email: info@goodwinslaw.ae

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

I N T E R N A T I O N A L

L A W Y E R S

N E T W O R K

Thank you

THE IMPORTANCE OF INHERITANCE

PLANNINGDEVANAND MAHADEVA

DIRECTOR (LASTING LEGACY)

Member of