Have you ever thought about what would happen to your UAE real estate in case something unfortunate occurs?
When a UAE property owner passes away, his or her assets will be distributed through the estate devolution process in the court. The court process can take a long time.
Assets, including real estate, will be divided between the legal heirs by the court by the principles of Sharia law unless there is a Will in place for non-Muslims.
If a person was a Muslim, then the courts generally apply the Sharia law, and often assets are distributed not in accordance with what the owner wished.
Also, the estate devolution process gets complicated if your legal heirs are not in the country.
So what to do?
If you own property in the UAE and wish to control who it passes on to, gift it during your lifetime.
The gifting process consumes significantly less time and costs you less in legal fees than the estate devolution process.
The gift transfer of the real estate to following first-degree family members can qualify for the reduced transfer fees:
Spouses (husband and wife)
Company (i.e. transfer from a company to the company’s owner or first-degree relatives or vice versa).
So, by gifting your property during your lifetime, you will rest assured that you left your property to the person you wished.
Property gifting is one of the optimal ways to help your family avoid costly and lengthy estate devolution process or possible inheritance battles.
How we can help?
We provide property gifting services across the UAE. We can represent you during the whole gifting process, making sure that you understand your options thoroughly and helping you avoid expensive mistakes.
This information has been provided by poa.ae