Considering the provisions in the Sharia Law, how do I ensure that my family has a means of support in case I die in the UAE, pending release of my estate to them?
This question concerns estate planning and must be discussed with your solicitor/lawyer, your financial advisor, or any professional handling your financial and legal affairs. If you do not have any, exercise your foresight and plan ahead. Here are some things you can do: • Do not keep all of your Dubai earnings in UAE bank accounts. Move some of your savings off-shore, either to an account in your home country or to a non-resident account in another country. Swiss banks are favourite choices for resident accounts as the Swiss have built an impeccable reputation for discretion and secrecy. This is a smart move because UAE laws have effect only within its jurisdiction. UAE jurisdiction does not extend beyond your UAE bank accounts. • If your wife is a UAE resident as well, maintain a joint account with her name on it. Make sure the account is “and/or”. In the event of your death, she can withdraw all funds from this account before your death is made public and the account frozen. • For
