The DIFC Wills and Probate Registry (DIFC WPT) has introduced new financial assets will to encompass listed securities and cash held in both Dubai and / or Ras Al Khaimah commercial bank and brokerage account. The new financial assets will be enforced in line with the laws of the Dubai Divestiture and Investment Facilitation Order (DIFEO) 2021. This new legal requirement was implemented to prevent the concealment and transfer of assets by a person or a company from one state to another. This new law stipulates that all registered and available securities and cash held by a company in one country have to be registered in the other country in accordance with the law of that country.

As per the Companies House of the Dubai Arab Emirates (DIA), all persons who hold the title of director or shareholder in any company or a limited liability company in Dubai or any other country must have a personal will or power of attorney that authorizes the same to act for the dead, the disablement and the welfare of their dependents or relatives. Similarly, all financial assets held by the testator outside the United Arab Emirates (UAE) have to be registered in the country of that owner and have to be supported by a power of attorney that is registered with the Dubai Ministry of Economic Affairs. If the testator does not die within the period stipulated in the DIFC wills and testatorships, his/her power of attorney remains active and so on until his/her death. If the testator dies during the stipulated period, his/her estate is subject to the laws and regulations of the Dubai Ministry of Economic Affairs. It is essential to obtain the services of an experienced and specialized law firm or attorney in order to make the necessary arrangements to execute and maintain the wishes of the testator.

There are certain requirements to be fulfilled by the testator in order to make his/her will. Two witnesses are required to sign the document and these two witnesses are required to be residents of the country where the testator makes his will. An original copy of the signed document needs to be sent by registered mail with a letter of authentication to the designated addresses provided by the Dubai Ministry of Economic Affairs. In the UAE, all willed property is registered with the Department of Interior with the concerned department's name being "Doha Property Registry". Another essential requirement is that the testator has to authorize one or more agents to act on his behalf in executing the will. These agents are known as "testator's agents" or "approved representatives".

A person can choose from the following forms of filing of the same: deed of trust, executed order, approved proposal, executed power of attorney, revised certificate, and codicil. Under the common law system, there are only two types of documentations for UAE properties: a "letters of intent" and "register of deeds". Under the UAE law system, all real estate assets are registered under the Uniform Transfer Fund (UTF). Under Read More , properties are classified into four classes namely: freehold property, paid share property, endowment property in multiple occupation.

Any person who owns or possesses real estate in Dubai must follow the law regarding disposing of any of his properties. Any person who fails to follow the law is liable to imprisonment for not less than five years or a fine not exceeding ten thousand Dubai rai or a loss of two thousand Dubai rai as a penalty. The same rules apply for people who register a property in the Dubai wills registry and for the failure to pay any sums in accordance with the law. This applies both to non-muslims and Muslims. As regards non-Muslims in UAE properties cannot be transferred to someone other than a Muslim without the permission of the court.

DIFC wills in the law of the estate planning provides that all properties owned by the deceased are taken over by his or her personal representatives appointed by him or her. In many cases, the personal representatives of a person do not have the expertise necessary to deal with such types of properties. Therefore, the law of probate enables a person to appoint an agent who has the required expertise in this area. Such agents will then carry out the necessary deals on behalf of the deceased. It is the duty of the person appointing the agents to ensure that the agent complies with all the requirements related to dealing with such types of properties. DIFC wills and their corresponding laws are very complex and it is advisable to have an expert help you in this regard.