In case you are in UAE Mohammad Marria, legal consultant of Dubai-based firm Just Wills offers some tips to to expat couples Husband and wife should have separate bank accounts in different banks with an internal power of attorney (POA). For example husband banks with Bank A and wife banks with Bank B. So if husband passes away, Bank A cannot block Bank B, but if both accounts were in Bank A, then Bank A can block both accounts. If the wife is working, she should get a separate visa because if the husband passes away, all dependent visas are cancelled which means the wife and children will need to leave the country in 30 days. In one case, as the wife was already outside the country, her visa was automatically cancelled. For certain nationalities a visa will need to be obtained in advance before entering the UAE. Keep life insurance to cover all liabilities such as car loans, personal loans, mortgages and credit cards (credit shield). For self-employed people, make sure life assurance covers all/any business loans. In case of a partnership, get partnership Insurance to cover the business value because if the husband expires, the wife will not be able to run the company. Through partnership insurance, the wife can get cash value of the business. Complete all nominee/beneficiary forms with your employer and bank and keep a copy of the form with someone. Complete a list of assets and liabilities i.e. make a list of everything you own — moveable and immoveable properties, all financial assets such as bank accounts including saving accounts, current and fixed deposits and any other accounts, motorcycles, motorcars, art and antiques, jewels, jewellery, furniture and fixtures, debentures, leasehold, bonds, safe and security lockers, stocks, shares, investments, future inheritances, capital, death in service benefits, gratuity payments, reserves, all insurance policies and any shareholding in any companies. Prepare a general power of attorney (GPA) so that the wife can use this document if the husband is either travelling/mentally incapacitated/missing/in coma. The POA needs to be revalidated every two years. Get a will drafted. But note that it is effective only if there is a death certificate. Otherwise, it cannot be registered in the court.
Posted on: Mon, 29 Sep 2014 19:12:59 +0000
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