Tax & Real Estate Planning UAE
Wincore advisory Group help families to articulate their objectives and principles to establish the foundation of a sound succession planning, robust inter-generational wealth transfer and efficient family & business governance.
In particular, Wincore Advisory Group provide end-to-end and tailored made solutions to successful families related to acquisition, governance, risk management and preservation of their businesses and wealth through generations.
Foreign or Local Wills based on the location of the assets and the residency of the heirs. In UAE, the DIFC Will is the most robust and efficient one: A Will encompassing Dubai assets (bank accounts, jewellery, works of art, cars, investment portfolios, yachts, shares of companies, real estates…) only, located or registered in Dubai, could be registered in the Dubai International Financial Centre, a Common Law Jurisdiction based on the UK Estates Act and Probate Rules excluding the Sharia law , Wills and Probate Registry (“WPR”) by Non-Muslim individuals over the age of 21 years UAE resident or not under full testamentary freedom (except some restrictions depending on the testator’s citizenship and/or residency) and covering guardianship matters related to minor children habitually resident in Dubai with the testator. DIFC Courts adjudicate any contentious probate matters and issue Grants of Probate (legal instrument allowing the executor- the family member, lawyer, friend…-to handle the disposal of the deceased’s assets and debts), court and guardianship orders.
Foreign or local Trusts which usually avoid probate applicable in case of a will, allowing the beneficiaries to still enjoy the benefit of the Trust despite the death of the settlor (who created and settled property into the Trust) without being subject to obtain probate from a court on the demise of the settlor.
The Settlor, the person transferring assets into the Trust, will transfer his property into the Trust by vesting his legal ownership into the Trustee. The Trustee will hold and manage it for the benefit of the beneficiaries by holding the legal ownership over the property called the Trust Fund. The beneficiaries will be holding an economic or beneficial “ownership” depending on the nature of the Trust (revocable, irrevocable, discretionary, fixed interest….).
The Beneficiaries will receive distributions from the Trust and enjoy all the profits and benefits of the Trust. A protector (settlor himself, a family member, a trusted advisor…) could be appointed to protect and watch over the Trustees.
Foreign or local Foundations which usually avoid also probate applicable in case of a will, allowing the beneficiaries to still enjoy the benefit of the Foundation despite the death of the founder without being subject to obtain probate from a court on the demise of the founder.
The Founder will transfer his property into the Trust by endowing his properties into the Foundation. The Foundation will hold and manage it for the benefit of the beneficiaries by holding the legal ownership over the property called the endowment.
The Beneficiaries will receive distributions from the Foundations and enjoy all the profits and benefits of the Foundation. A guardian (founder himself, a family member, a trusted advisor…) could be appointed to protect and watch over the Council of the Foundation.
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