At Cityscape, DIFC Wills & Probate Registry (W&PR) announces the launch of an online facility that provides eligible resident and non-resident property owners with a simple, cost-effective way to pass on their assets. This new facility will be made available on The Registry’s website www.difcprobate.ae from 6th September 2016.
Property owners can now 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.
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.”
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.
Hird continued, “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. 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. We are looking forward to announcing more innovative products and partnerships in the coming months.”
The registration cost of a single property will is Dhs 7,500 and that of two mirror property wills is Dhs 10,000.
The Wills & Probate Registry is based on international best practices to give residents and non-residents a legal solution and the freedom to dispose assets as they wish after their death. DIFC Wills & Probate Registry is the first jurisdiction in the MENA region where one can register an English language will under internationally-recognised common law.