DUBAI 5 January 2023: Ali Al-Mutawa, Secretary General of the Endowments and Minors’ Trust Foundation in Dubai, confirmed that the new law of the Foundation No. (17) of 2022, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, included many advantages for residents and communities of all sects, as well as citizens from all Emirates.
It also provides for the opportunity to recommend the management of their legacies through the foundation to manage and invest them for the benefit of heirs or minors and the like, as the law decided to create a “record of the commandments” with “Dubai Endowments” in which the wills are bound by a ruling or decision by the competent court, said Wam.
Al-Mutawa said that the provisions of the new law specified the foundation’s obligations to manage, implement and preserve wills, as well as count wills in the Emirate of Dubai, classify them, describe them, and register them in the wills register, and to encourage those who are able to create wills for various aspects of righteousness and goodness, to support community and humanitarian initiatives and projects, and record bequeathed funds for general good with the competent government agencies in Dubai in accordance with the legislation in force, as well as the management and implementation of wills directed to the general good in which a guardian has not been appointed, in addition to the foundation undertaking the task of monitoring and supervising and providing advice to whoever undertakes the implementation of the will in the case that he is appointed.
Al-Mutawa indicated that adding the management of wills money to the tasks of the foundation constitutes an important qualitative addition represented in executing and supervising wills in accordance with best practices and ensuring optimal management of them by the institution or the executor in a way that does not contradict the will of the testator, especially since the implementation takes place after his death where there he has no power or authority to correct any error or deviation.
Al-Mutawa added that the wills registry includes all segments of Emirati society, including citizens and residents, and of various religions within Dubai, in accordance with the provisions and legislation in force in the emirate.
He also added that the law thus gave them the opportunity to put their money and invest it in a government agency that is trustworthy for the money and funds of their minor and adult children.