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Importance of wills and business succession planning

Owner's Profile

Anandi Katiyar

Published on August 22, 2023, 10:48:35


Business succession planning determines future operation process ensures

Business succession planning determines the future operation process and ensures a secure future for the business. Will play an important role in business succession planning. A Will ensures a smooth transition and minimises the stress on the transfer of business and assets to the successor. A will determines the distribution of assets and the administration of the business. 

A will is a legally binding document that specifies who will inherit an individual's property after their passing. The will is made to pass through a probate where the Court determines the validity and oversees the administration of the will by the wishes of the deceased. Despite the perception that a will's primary function is to distribute property and assets, it is also used to choose guardians for minors and make burial preparations.

 As Islam is UAE’s official religion, inheritance matters are subject to the Sharia Law. All matters of inheritance are under the Civil Transactions Law and UAE’s Personal Status Law. In the case of Non-Muslim Inheritance, the UAE Civil Code allows the application of their laws in matters of inheritance as per Article 17 (1) Federal Law No 28 of 2005 allow Non-Muslim expatriates to prepare their will by their country’s laws for properties owned by them in the UAE instead of the Sharia Law provided that they have been translated into Arabic and duly notarized at the time of adjudication of inheritance before the courts of UAE.

The establishment of the first division for non-Muslims' inheritance and the carrying out of their wills has been declared by Dubai Courts. The department's mission is to provide non-Muslims with a framework that ensures the execution of their laws and the administration of their probate procedures.

A will is essential to business succession planning. Consulting a wills and succession lawyer will ensure that it adheres to regulations and the owners’ wishes is imperative. 

For any legal queries or information, contact ask@tlr.ae or call us on +971526443004