Parents, property owners urged to cover assets, children

dubai — Parents and property owners in Dubai are being urged to stop postponing key decisions covering the protection of valuable assets and young children.

Experts believe that foreigners moving to Dubai adopt a “new normal” and behave differently than they would at home, either because they are too focused on acquiring goods and property, or are simply having such a good time.

New statistics from the DIFC Wills Service Centre show that only one in five people drawing up a will in Dubai and Ras Al Khaimah in 2017 were below the age of 40. Yet by that age most parents are already bringing up children and many have also bought homes and established businesses. Sean Hird, Director of the DIFC Wills Service, said: “People tend to draw up their wills in their 40s or 50s, but in Dubai many people succeed young and rapidly acquire valuable assets. As soon as they own property or a business, or start having children, they should quickly plan legal protection - and not delay or procrastinate.”

The new figures show that most people draw up their wills in midlife – over 31per cent in their 40s, and more than 25per cent in their fifties. Only just over 21per cent had a will in place by the age of 40.

The figures also suggest that many people simply ignore the need for adequate protection. The DIFC Wills Service has drawn up more than 3,000 wills for nonMuslim residents, but that suggests that many thousands more have nothing in place to ensure legal certainty in distributing their assets.

This relaxed approach to financial planning also affects insurance. Leading insurers FPI International surveyed 565 Dubai residents and discovered that only a third had international life insurance policies guaranteed to pay out once they have moved on and left the UAE.

— business@khaleejtimes.com