DUBAI 5 October 2018: New figures have been released showing that DIFC registered wills cover real estate worth more than Dh10 billion.
Sean Hird, Director of the Wills Service Centre (WSC), said: “This is a remarkable figure. The Wills Service Centre has only been open since 2016, but our latest research shows that we have been able to protect a vast amount of property wealth.
The WSC figures show that more than 80% of DIFC Wills protect real estate assets. Two types cover residential property – the Full Will, protecting all assets, and the Property Will, covering up to five items of real estate.
The WSC now has a global partnership with VFS Global, allowing DIFC Wills to be registered anywhere worldwide. Sean Hird said: “Through our Virtual Registry Service, overseas visitors who buy can register their wills once they return home.”
DIFC Wills can also cover Ras Al Khaimah property and corresponding statistics on the value of real estate protected through Will registration in RAK are due out later this month.
DIFC Wills are available to non-Muslims either living in Dubai and Ras Al Khaimah, or living overseas but holding assets there. They allow the holder to nominate the beneficiaries of their Will, which will then be enforced by the Dubai Courts.
Without a recognized and enforceable Will, assets of all UAE residents will be divided among family members after death according to Sharia precepts, following a pre-determined formula.