Saturday / December 15.
HomeChannelsFeaturedDIFC launches property will registration

DIFC launches property will registration

|By Arabian Post Staff|The DIFC Wills & Probate Registry (W&PR) has announced the launch of an online facility that provides eligible resident and non-resident property owners with a simple, cost-effective way to pass on their assets. This new facility has been made available on The Registry’s website www.difcprobate.ae from 6th September 2016.

Property owners can complete a template will online that is specifically limited to real estate. Although the W&PR strongly recommends considering legal advice, the property will is straightforward to complete. The formalities of registration remain the same as for all other forms of will that are registrable at W&PR.

The online facility has been developed to address the concerns of both residents and investors in relation to inheritance matters, particularly where the sole or major asset is real estate property.  In offering property owners this simplified system to choose their beneficiaries W&PR is supporting the drive toward further investment in Dubai and the retention of wealth in the Emirate.

Sean Hird, Director, DIFC Wills & Probate Registry, pointed out that the number of Dubai property transactions by non-Muslims is likely to reach 13,000 this year and the facility provides an innovative solution that gives both residents and overseas property investor’s peace of mind – knowing that they can create a compliant will that will ensure their property is passed to their chosen beneficiaries.

Previously, the W&PR Rules only set out specific mandatory statements that must be included in a will for it to be registrable. The new property will template however, is a complete self-contained document that can be easily completed.

The DIFC registry has so far registered more than 1,500 wills. The new property will is part of DIFC’s broader strategy to make registering a will accessible to more people and has secured new partnerships with Emirates NBD, NBAD, Citibank, and RAKBANK – to offer easy zero per cent payment plans to their cardholders over periods of up to 12 months. The registration cost of a single property will is AED 7,500 and that of two mirror property wills is AED 10,000.

The Wills & Probate Registry is based on international best practices to give residents and non-residents a legal solution and the freedom to dispose assets as they wish after their death. DIFC Wills & Probate Registry is the first jurisdiction in the MENA region where one can register an English language will under internationally-recognised common law.