Wills are important legal papers when it comes to making arrangements for your possessions after your death. They aid in safeguarding your possessions and ensuring that the proper parties inherit your assets after your death. However, there are occasionally misconceptions regarding Wills, particularly when it comes to the UAE. In this piece, we dispel these myths and present the accurate information concerning Wills. The following are some widespread misconceptions regarding wills:
Myth 1: “It’s Too Early to Have a Will”
A lot of people think that writing a will is something only the elderly should do. All people, regardless of age, should have a will in place to safeguard their assets and give clarity to loved ones in the event of an unforeseen occurrence, according to TWS Legal Consultants, Wills & Estate Inheritance Lawyers & DIFC Wills Registered Draftsmen. Having a Will becomes essential to guarantee that your assets are transferred in accordance with your preferences because accidents and unforeseen events can occur at any time in life. The following justifies having a will when you’re younger:
Protection of Assets:
People may have important assets, such as money, investments, or personal items, even in their early adult years. The distribution of these assets in the case of unanticipated events is outlined in a will.
Clarity for Those You Love:
By clearly outlining your choices for asset distribution, a will helps to avoid uncertainty and potential arguments among family members during an already trying period.
Child Guardianship:
Using a will, you can name guardianship for any children you may have. In the unlikely event that both parents are unable to care for their children, this is especially important for young parents.
Myth 2: “My Assets Aren’t Enough to Justify a Will.”
Wills are not only for the wealthy, despite what the general public believes. There’s a common misconception that only those with large assets or amounts of wealth should bother drafting a will. Many people believe that they don’t need a will if they don’t own significant assets or a sizable sum of money. We stress that everyone who possesses assets—whether real estate, savings, or personal items—should think about drafting a will to specify how those assets will be distributed in accordance with their intentions. Once the will has been registered, you can list your modest assets as follows:
Asset:
Even if you possess a house or a modest amount of real estate, having a Will clarifies your wishes for how it will be distributed.
Investments and Savings:
Assets include any type of savings, investments, and bank accounts. Your wishes for their distribution are guaranteed by a will.
Personal Items:
Assets are things that have sentimental or monetary value, including jewelry, artwork, or heirlooms from the family.
Myth 3: “Everything Is Inheritable to My Spouse”
There’s a common misconception that if someone dies without leaving a would, their spouse would take the whole inheritance. A common misconception is that all assets automatically pass to the surviving spouse under the law. The distribution of assets in the absence of a will is governed by UAE inheritance rules, which may not always match this assumption.
The assets will be divided amongst the surviving spouse and any male or female offspring in the event that a will is not present. If a spouse or children are not present, additional default allocations will be made.
Myth 4: “It Only Takes One Time to Create a Will”
It is erroneous to believe that a Will made at one moment in time will sufficiently handle all upcoming changes. Many people think that once a will is written, it is final and valid for the rest of their lives. Our Wills & Estate Planning Lawyers emphasize that a will should be a dynamic document that changes to reflect an individual’s evolving circumstances rather than a static one. Here’s a more thorough investigation:
Life Shifts:
Important life events that might affect how your inheritance is distributed include getting married, having children, and obtaining additional assets. It is erroneous to believe that a Will made at one moment in time will sufficiently handle all upcoming changes.
Getting Used to Family Structures:
A new set of issues, such as guardianship responsibilities and spousal inheritance, arises with marriage. When children are born, plans may need to be adjusted to incorporate provisions for their inheritance and care.
Modifications to the Assets:
To guarantee their inclusion and equitable distribution, you may need to alter your will if you acquire new properties or assets. Frequent updates reduce the possibility of misunderstandings or legal ambiguities resulting from changes in family dynamics or financial situations.
Myth No. 5: “A Handwritten Will Is Enough”
“Holographic Wills,” or handwritten wills, might not stand up in court. We advise against using handwritten wills exclusively and stress the need of having a properly prepared, legally sound will. For a Will to be deemed legitimate, several jurisdictions have particular legal requirements that must be fulfilled. Wills that are handwritten might not follow certain procedures, which could make them legally void. These are a few:
Formalities, Requirements, and Recognition in Law:
In many legal countries, a will must be witnessed and signed by two witnesses in order to be deemed legitimate. These conditions for witnessing and signing may not be met by handwritten wills. A Will that has been properly created has legal standing and is more likely to be approved by the court without opposition.
Difficulties in Interpretation:
Handwritten wills might not be as precise and clear as ones that have been professionally prepared. Interpreting the testator’s intentions in a handwritten Will can be difficult if there are ambiguities or imprecise language.
Danger of Conflicts:
Handwritten wills could be more prone to disagreements and legal challenges. The possibility of beneficiaries or family members challenging the Will’s legitimacy rises when there is a lack of formality in the legal process.
In summary
Wills are essential legal papers for future planning and ensuring the future of one’s belongings. Wills act as guardians of our property, making sure that our treasured possessions and hard-earned cash get to the proper people after we pass away. But in this path of testamentary foresight, misconceptions frequently obscure the picture, especially when it comes to the UAE.
This piece acts as a lighthouse of clarity, busting myths and pointing readers in the direction of a better comprehension of Wills. We at MSH Legal Services are honored to be your Dubai-based registered wills and estate planning attorneys.
