Completion checklist

  • When should I review / change my will?

    • If you marry or divorce
    • The birth or adoption of children
    • To add or change guardians for children
    • A significant change in financial status
    • The death of a beneficiary
    • A significant change in tax laws
    • A desire to add beneficiaries
    • A desire to change beneficiaries
    • The death or incapacity of a named executor or trustee (usually not applicable)
  • At registration You may be asked to “Rewrite the Will with names as per emirates ID”
    • Decline, kindly. Your PP is your primary ID. Names on documents should be only as per your primary ID (PP). You have the right to have the documents drawn up with names as per primary ID and the officer has the obligation to accept. Remind officer that it is your wish to have the names as per primary ID
  • You may be told “Change this format / Format is not OK”
    • Decline. Ask officer to show you specific objectionable lines. You have the right to get whatever format you want notarized as long as it is true and does not prejudice the law.
  • Often clients are shown a 4-5 page (redundant) format under the pretext ‘this is the correct approved format’, which will likely be accompanied by a request to go to so-n-so, he will do it for you (for - more money!)
    • Decline the suggestion. Tell them “I have already have this 4-5 page format but my family now wants this simple format. Furthermore I am unable to come back again for this work, therefore kindly attest now”
  • Come back tomorrow / Come directly without token
    • Decline. Unable due to come back again for this work, kindly attest now. Else ask to see the manager. Retain token number with you.
  • What property have you in UAE? Why you have not written here?
    • DO NOT give specific details of property, or how much its worth. A suitably vague answer would be “I have very little and in any case it will change in the coming months so I do not want to specify anything here”
  • Can i get one token number for both husband and wife?
    • Yes
  • Assets should / need not be specified in the will as a) there is no procedural advantage and b) it would attract govt. levies between 0.25%-1.00% on the value of the asset
  • Have you provided for Income replacement cover for your legatees?
  • Have you provided health cover for your legatees?
  • Have you provided insured your loans / outstanding's so that legatees are not delayed / deprived of assets by recovery agents?
  • Have you considered creating a liquid endowment for your legatees via an annuity? Annuities are secure / often tax deductible / in certain cases legally out of the reach of debt recovery authorities?

Test Jun 15, 2020

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Deca c/o Arunanjali Securities

Address: Deca Office 3-3-245/2 next to Bejai church complex, Bejai, Mangalore, 575004 India

 

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