Sunil here to talk about estate planning in Dubai

Many of them are not your typical expats settled in Dubai.

Rather these are expats living and working in Dubai. They have been for years.

These folks all have strong local networks and have established successful businesses over the years.

With successful businesses come a progressive accumulation of wealth.

Because Dubai had gone through an unprecedented economic boom in the early and mid 2000s, many expats living and working in Dubai became very rich.

So why the discussion on estate planning in Dubai for expats settled there? Because a lot of wealth is at stake here. As a CPA and financial planner, I have been asked by many of my friends in Dubai how to successfully manage and pass on their wealth to the next generation without loosing much of it?

The most basic advice is obviously to have a will at the very least. In the USA, there is a concept of a living revocable trust, which avoids probate and unnecessary expenses and disputes involved with a will.

I am sure will be adopted by most legal systems across the world. But until then, a good will is critical. I also recommend you have a good attorney / lawyer prepare it for you. Get all the necessary power of attorney documents executed as well and in your files.