I am currently helping out someone in a tragic situation. Gemma (not her real name) is having to deal with a legal and financial nightmare.
Her husband died in an accident a couple of months ago, leaving her with two young children.
Apparently, they had said in passing that they needed to get their family finances sorted, to get wills and some life insurance, but they never got around to it.
Now she has to deal with the mess left behind and needs to support herself and two children on one income.
It is going to be hard.
Not having a UK will means a headache in dealing with assets there but they will eventually come to her.
Be aware that UK probate is taking a long time right now. It could easily take 12 months to settle an estate and receive assets.
Had they owned a property in Dubai, she might only have received part of his portion, which would have been another financial and legal nightmare. A UAE will would have made her the beneficiary without problems.
A simple life insurance policy payout would have meant she could have received a sum of money that would allow her to pay all the bills without worries. It could have been enough to let her take time of work to be with the children, to maybe buy a home, to move country, if wanted. It would take away the financial worries. Worries that no one needs in an already terrible situation.
Here’s the thing. Having a will, having life insurance – these are the kind and caring things that you need to out in place to protect your family.
Doing this is an act of love.
It’s easier than you think too. Please get in touch and let’s have a chat.
Don’t leave it too late…
Our conversations are always relaxed and friendly, with all advice provided in writing. No pressure, just the facts, information and advice that you need, no matter where you are in the GCC.
These previous articles contain lots of useful information:
To arrange a discussion about protecting your family, or any aspect of your personal financial planning, please email me at keren@holbornassets.com
Expert, qualified, professional advice on a range of issues including general financial planning, life and critical illness cover, investments and UK pensions, wills and inheritance tax planning, UK tax, offshore banking, citizenship programmes, currency transfers and more.
I write articles such as this one as part of the comprehensive personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, other media, and on the Facebook group British Expats Dubai.
Please take a look at the other useful articles on this website.
The information in this article does not constitute a recommendation.
