Private Wealth Management

When it comes to managing, safeguarding, and expanding the wealth, family companies, ultra-high-net-worth (UHNW), and high-net-worth customers operating across the Middle East confront increasingly complicated legal difficulties. Multiple-business owners often need highly specialized legal guidance across various disciplines since they have distinct financial portfolios, worldwide assets, and various trusts. Over the years, we’ve assisted many overseas residents with our legal services relating to estate planning, family businesses, including drafting or revising a Will, setting up Trusts, creating a Lasting Power of Attorney. Our knowledgeable and compassionate staff can assist you in putting your estate plans in order so that your assets are managed and distributed in the manner you desire.

Private Wealth Management in the UAE

High-end, professional services that mix investing and financial counselling are known as wealth Planning. Additionally, it involves accounting and tax services, long-term financial objectives, and retirement planning. Wealth services encompass estate and legal planning as well. A wealth manager is appointed to these high-net-worth individuals (HNIs) who may benefit from these specialized services. The wealth manager’s job is to provide suggestions to investors on how to allocate their money best.

Importance of Private Wealth Management in the UAE

From establishing the Dubai International Financial Centre’s (DIFC) Wills, DIFC Trusts, and Foundation regimes to more recent developments regarding economic substance and family property ownership, the United Arab Emirates (UAE) has witnessed dramatic legal and regulatory changes in the private wealth space. Due to the UAE’s critical position as a regional investment centre, its legal and regulatory environment may impact how ultra-high net worth individuals (UHNWI) in the area arrange for succession and wealth transfer to the next generation. Effective wealth transfer is critical given the Middle East’s concentration of private wealth and the essential role family-owned firms play in the area. Clients ranging from individuals with moderate estates to families with substantial wealth turn to our private wealth management attorneys for assistance.

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Our Wealth Planning Services include:

The current context of financial, economic, and health-related uncertainties necessitates more planning than ever before. Estate planning is an essential part of the process when it comes to protecting and preserving your assets, ensuring your privacy and confidentiality, and protecting your family businesses and assets.

Estate Planning

Family enterprises are at the heart of the UAE’s business community and contribute significantly to the country’s economy. The most recent amendments have been made to address specific succession difficulties and to make it easier for many expatriate residents and private company owners in the nation to arrange for the transfer of their fortune.

Until a registered will was accessible with the DIFC Wills and Probate Registry or the Abu Dhabi Judiciary, Sharia dictated inheritance requirements that applied even to non-Muslims and for the division of assets of persons on their death. Unless a written will has been prepared with particular intentions, the new system requires that the country’s laws and regulations govern the distribution of a deceased citizen’s possessions. Similarly, real estate in the United Arab Emirates will continue to be divided according to the country’s legislation.

Writing a Will

When planning your estate, the most typical method is to write a will, which specifies how and to whom your wealth and assests will be passed upon your death. We may help a non-Muslim (high net worth individual) resident or non-resident in the UAE to create a DIFC Will to be recorded in the DIFC Wills and Probate Registry. DIFC is a UAE Common Law Jurisdiction based on the UK Estates Act and Probate Rules. You may be sure that your complete testamentary freedom (except for specific limits based on the testator’s citizenship and residence) and the guardianship of minor children who are regularly residing in Dubai with the testator will be safeguarded by this document.

Creation of a Trust

A trust may be ideal for you if you own a substantial amount of real estate or have specific instructions (thoughts) on how and when you want your inheritance distributed to your heirs after your death. When you create a trust for your property, you can direct who will receive your asset – or assets – upon your death. In effect, you transfer possession of the property to the legal Trust. You may act as trustee of that Trust and its assets while you are alive. The Trust will then be transferred to your designated heir upon your death; however, if you have more valuable assets, such as a property with a greater net worth, a trust in addition to a will may be a better alternative for you.
The UAE Federal Decree-Law 19 of 2020 Regarding Trusts (the UAE Trusts Law) was issued in September 2020. The UAE Trusts Law does not apply to trusts in the DIFC and ADGM financial free zones of the UAE. It is the UAE’s first legislation to permit trusts.

Foundation

The ADGM has long advocated for using foundations in wealth and estate planning. Many individuals consider foundations to be charitable organizations. ADGM foundations, on the other hand, are beneficial as a vehicle for private family wealth, particularly family offices. ADGM foundations combine the features of trusts and corporations – assets are handled by directors who have a fiduciary obligation comparable to a trustee. Whereas, as a corporation, the Foundation is a legal entity with everlasting life. Additionally, ADGM foundations are controlled by separate legislation that tries to simplify governance and safeguard the Foundation’s assets (and hence its beneficiaries) against claims in the case of bankruptcy, divorce, or mandatory heirship restrictions. The DIFC, like ADGM, has its own foundations statute.

Creation of Islamic Trust (Waqf)

The waqf idea of retaining an asset and distributing its usufruct is a golden guideline for wealth preservation and a Shariah-compliant mechanism for estate management and wealth transfer across generations of beneficiaries. Throughout Muslim history, the family waqf has been used to secure riches and plan estates.
Family awqaf were founded to protect family property and mitigate risks associated with bankruptcy, obligations, creditor claims, and other legal difficulties. Once a waqf is established, the property becomes inalienable and cannot be sold, pledged, donated, inherited, or otherwise disposed of.

How HHS Lawyers and Legal Consultants may assist you:

There is a strong family-owned business community in the United Arab Emirates (UAE) and the larger Gulf Cooperation Council (GCC) area. At HHS Lawyers & Legal Consultations, we give family-owned companies guidance on asset management and eventually wealth preservation, including choices like diversification into crucial industries.
You can rely on our specialized legal team in Dubai and our financial planners when it comes to estate planning. We may assist you with anything from drafting or revising your Will to setting up trusts, Family awqaf, Foundation and generating Lasting Powers of Attorney. To ensure that your estate is handled correctly and passed on seamlessly to your heirs after your death, our team works with our financial and tax advisers to offer a comprehensive solution. We can draft wills for non-Muslims and expatriates who want to protect their wishes.

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Private Wealth Management