The importance of having a clear last will and testament made, especially for people who own assets and investments in the UAE was highlighted at an insurance seminar in Dubai.

A well-drafted document will clarify exactly how one’s assets should be distributed in the event of death, while protecting family members on issues such as inheritance and guardianship, experts said.

In the absence of a will, the Sharia law is automatically applied to the assets and family of the deceased, whether Muslim and non-Muslim, and assets are distributed as per the stipulations of the Sharia law.

Additionally, a will establishes who the true guardians of the children will be in the event that both parents die, the speakers said.

Under Sharia, which governs all courts in Muslim countries, the wife of the deceased receives one-eighth of the total estate, while the children receive one-sixth of the share. For every share received by the daughters, the sons receive twice as much, according to the speakers.

The seminar, hosted by Millennium Insurance Brokers Company (Mibco), a company specialising in life, income protection and private medical insurance, featured some of the top professionals from the related industry as its speakers, including Mohammed Marria, head of Just Wills (UAE), and Albert Rodrigues, managing director of Mibco.

“Many people put off this important activity until it is too late,” said Rodrigues. “Upon their death, their families have to go through a long-drawn series of legal hassles, disputes and unwanted headaches. The seminar is therefore an important opportunity to raise awareness among UAE residents about wills and their implications.”

Mohammed Marria, from Just Wills, a UK-based wills specialist, stressed on the importance of having a clearly drawn will that is adapted into Arabic and notarised by the individual’s embassy or consulate in the country.

While drawing up a will, one should list all of his or her assets and appoint an executor to ensure sure that all assets will be bequeathed to the rightful beneficiaries, he said.

“The will is a powerful and necessary document that safeguards families, whether expatriate or national,” he said.

“We are shocked to see that people in this region are still aware of its importance, unlike in other countries. As banks and financial institutions in the Arab world become increasingly Sharia-compliant, people need to be aware how their assets will be distributed in the event of their death.”

Marria said that wills were gaining a great deal of significance in recent times, chiefly due to many reported cases of legal disputes across the region.

“The last will acts as an important insurer against such cases and allows total peace of mind for the testator,” he added. – TradeArabia News Service