The Most Important of Expat Insurance…

Critical Illness Cover

The Most Important Expat Insurance

Many expat families are familiar with the concept of life insurance and hold a life insurance policy. This policy is taken out to retain a fixed income to support surviving family members if the worse should happen to the policy holder. The rate of survival for people who suffer a critical illness is on the increase, particularly in cases of heart attacks and cancer. In the case of a person surviving a critical illness, the life insurance policy isn’t going to pay out, that’s where critical illness cover can be of benefit.

Imagine being the main earner in the family and being relied on to pay the school fees, the mortgage and the general cost of living and you fell critically ill. Are you aware of what sick leave you’re entitled to? UAE labor law states that UAE workers are entitled to 15 days full pay and 30 days half pay. It is rare for an individual to recover from a critical illness and return to work in 45 days. So what happens when you are no longer receiving an income?

Even if you aren’t the primary income generator in the family, if you’re a homemaker who looks after the children, the cost of living expenses will still have to be covered. You have to pay for the cost of a nanny, hospital bills and your spouse may have to take time off work. Are you financially prepared to take that risk?

Statistically 1 in 3 people will suffer a critical illness before retirement and the importance of being prepared for this possibility happening to you is of paramount importance. Critical illness cover works similarly to a life insurance policy, you pay your premium each month in order to receive a pay out if you were to suffer a critical illness.

If you were to have a savings plans or a life insurance policy and you fall critically ill you will still be expected to pay the premiums. At Finsbury Associates, we believe that protection should be the first step taken to secure your financial future.

Today’s the day to safeguard your families’ future:

Call: 045674502

Email: info@kidsinitiativeuae.com

Website: www.kidsinitiativeuae.com/book-an-appointment

Wills, DIFC vs Dubai Court

When living out here in Dubai and the UAE as an expat, it’s important to not only understand the laws and regulations that apply to you, but to also respect them.

When it comes to your assets here in Dubai there are a number of ways to put in place safeguarding procedures to protect your assets if the worst should happen to you. The concept of Sharia law is a beautiful one; to share among the family. Where it does work beautifully is when all members of the family understand the laws and regulations that apply and there are not complications within the family. Where it doesn’t work so well is when the above is not the case.

If a husband were to pass away, his assets get shared among the family. The wife inherits all of his debt, if he has any, and obtains around 1/8th of his estate. An amount is shared between the children, a son would obtain double of what a daughter would. If the son is below the age of 18 and the daughter below the age of 21, the majority of the assets fall to the oldest living blood male relative on the paternal side.

Having a will in place in Dubai if you are a non-Muslim expat can remove potential complications and safeguard your assets, giving you a choice on who you wish to inherit. There are two procedures available for expats as options if they wish to obtain a will:

  • Lodging a will through the Dubai Court system. If a husband were to pass away here in Dubai, the procedure begins at the courts of first instance where the will shall be highlighted as an appeal against sharia law. It is then taken to the second stages of the court system; the court of appeal. Minimum costs of going through this process are around 75,000 AED. If you do not have assets here that equate to a minimum of 75,000 AED there is no point in going through this process at all. It is important to note that property cannot be included in this type of will. There is not president case for this option. What this means is if there are two very similar situations the outcome would be very similar if not the same. It is important to note that the Dubai court system does not currently have this in place, and the verdict of any situation is highly dependent on how the judge feels on the day, regardless of similarities between circumstances. The costs of going through this process acts as a sliding scale depending on how many assets are included within your will. This could be anything between 4,000AED-6,000AED.
  • Lodging a will through the DIFC court system. This is a recent development within the DIFC which  allows non-Muslim expats to lodge a will according to their wishes as it does not by-pass sharia law. What this means is that non-Muslim expats can divide assets according to 70%UK law and 30% American law. The process initially is more expensive in comparison to the Dubai court system of 12,000 AED to lodge a single will and 20,000 AED to lodge a mirror will. However, going through this process could be a lot easier for expats as everything is done in English, there is a president case present, and this will allows property to be included if it is specifically located in Dubai.

For more information and to book an appointment with one of our specialists:

Call: 045674500

Email: info@finsbury-associates.com

Guardianship documentation, what are my options?

When living and working overseas guardianship is an important aspect of your family protection plan to consider.  Temporary guardianship documentation is an agreement either legal or civil which allows someone to look after your children if you are unable to in the interim period until permanent guardians can come in and take over. There are three types of guardianship documentation…

1) A civil agreement.

It is important to know that this is not a legal document, however there is still a need to have at least this as a minimum form of documentation in place to protect your family if the worst should happen. Finsbury Associates and the KIDS Initiative are lucky enough to be able to offer this document free of charge. The only cost to you would be to get it translated into Arabic at your local typing center.We have never heard of a case where this hasn’t been accepted, however it is at parents discretion as to if they want to take it to step number.

2) A legalised document through the Dubai courts system.

The process of making the temporary guardianship document a legal agreement costs around 2,300 AED to appoint one set of guardians through the Dubai courts system. With the costs of drafting and translating this document being 2,200 AED and a cost of 100 AED to present it to the Dubai courts. Both father and mother of the children in question, as well as the guardians stated in the document need to be present at the Dubai courts with their original passports and emirates ID’s. If you wish to appoint two sets of couples as guardians rather than just the one, total costs of the process will fall around 3,300 AED.

3) A legalized document through the DIFC court system.

The recent developments in the DIFC mean that the process of appointing guardians has become a lot easier for non-Muslim expats who live here in Dubai. The process of appointing temporary guardians in a stand-alone document costs around 7,000 AED. To get this document drafted is around 2,000 AED and to get it registered within the DIFC costs around 5,000 AED. You may consider going through the DIFC court system as opposed to the Dubai court systems as within the DIFC there is something called a president case. This means that if there are two very similar situations the outcome would be very similar if not the same. It is important to note that the Dubai court system does not currently have this in place, and the verdict of any situation is highly dependent on how the judge feels on the day, regardless of similarities between circumstances.

The mot important part of the guardianship process is how you distribute this document once completed, regardless of which process you choose. The idea behind this document is for it to be physically presented by the guardians nominated if an emergency situation were to occur. Therefore it’s important to give physical copies to both guardians nominated, a copy to the nursery/school your child/children attend and also to the HR of the company that sponsors your visa as they would be the first ones to find out if something were to happen.

Kids Initiative Education Fair!

The Kids Initiative have been to the majority of schools and nurseries in Dubai and often get asked by parents what’s the best one to send my child to?

To answer your question we’ve come up with the best schools and nurseries in town for you to view all in one location… The Kids Initiative Education Fair!

FREE TO ATTEND

Saturday 23rd May

The Change Initiative 

10am – 5pm

Register your attendance at:

www.kidsinitiativeuae.com/book-workshop/

Education Fair

DIFC Wills

How will it work? DIFC Wills and Probate Registry

Today marks the launch of the new ‪‎DIFC Wills and Probate Registry, allowing non-Muslim expats to register their last will and testament. But what does this mean? How does it differ from the current system?

How does the current Sharia law will system work for expats?

Current in the Dubai and the UAE unless you have assets significantly over the value of 75,000AED it’s not worth having a will. But why such a large amount? A will is seen as an appeal against Sharia law (the asset distribution) so automatically goes to the court of appeal which costs 75,000AED to action. When we talk about assets this doesn’t include property, this means bank accounts, cars, and jewelry etc. Property is a lot more complicated and is often divided under Sharia Law. Typically a wife would inherit around 1/8th of her and her husband’s estate (including join bank accounts and her own bank account if it’s onshore and she is on her husband’s visa) and a husband would inherit 1/4th of his wife’s estate, the rest would be divided between family members.

What do we know about the new DIFC system?

  • To lodge a will at DIFC it will cost 10,000AED which is significantly cheaper than the current system in the long run.
  • The will CAN include immovable assets such as property, however only assets in Dubai can be listed.
  • Only non-Muslims over the age of 21 can lodge a will at DIFC.
  • The court system is based on 70% British law and 30% American law
  • Guardianship documentation can be lodged with your will, however it is still important to have the stand alone document.

 

For more information about DIFC wills:

Visit: www.finsbury-associates.com/book-appointment

Call: +971 (0) 45674500

Email: info@finsbury-associates.com

 

A big thank you on behalf of the children in Sierra Leone…

Imagine a world where statistically for every 5 children in your family one of them will die before they reach the age of 5. A world where there are over 340,000 orphans who don’t have the love and protection of their parents and are at risk of the HIV and Ebola epidemics. This is the life of a child in Sierra Leone.

Finsbury Associates and the Kids Initiative have been working alongside All As One a charity that supports the children in Sierra Leone, to hold a drop day and series of fund raising events. Thanks to the kind donations of the Dubai public at our drop day we are able to send a container to Sierra Leone full of children’s items such as clothes, shoes, toys and games to make their life that little bit better. We thank you for your generosity.

Alongside this the Staff at Finsbury Associates went through a wide variety of grueling tasks to raise money for the children. From Billy Buckley, CRM having a full leg wax leaving him silky smooth for the ladies (but still unable to pull) and Danielle Baxter fasting for a full day… In total we raised over 600GBP.

Rebecca Smith, the event organiser said: “I can’t thank the Dubai public enough for their generosity at the drop day. We received so many quality items that the children are going to be so thankful for. I also want to give a big thank you to the staff at Finsbury Associates who gave up something in order for the children to gain something, whether that be the hair on their legs, swearing or food for the day… It all made a difference.”

For more information about All As One and find out how you can help visit their website:

www.allasone.org

With thanks to:

www.finsbury-associates.com

www.kidsinitiativeuae.com


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Helping the orphans in Sierra Leone…

The KIDS Initiative are working very closely with a charity called ‘All as One’ and are arranging a drop day on their behalf for orphaned children in Sierra Leone. Not only do these children not have the love and protection of their parents, they are also at risk of the HIV and Ebola epidemics in West Africa.

All that we are asking is that if you have any spare or unused children’s items- clothes, books, usable toys etc, that you kindly donate them to an amazing cause instead of eventually throwing them away.

The drop day is taking place this Friday 3rd April, 9am until 4pm at Jam Jar Arts Studio, just off Sheikh Zayed Road in Al Quoz. You can find a map and some information about the event on our website at www.kidsinitiativeuae.com/news

I know it can seem like a little bit of an inconvenience to do this on your well-deserved time off at the weekend but the small amount of time it will take to do this will be HUGELY appreciated by these little children.

We will be receiving pictures and videos when the items are shipped in a few weeks’ time which I will share on our Kids Initiative website also J I’ll be there all day on Friday, I really hope to see some of you there too.

Find a Map via thejamjar website:

http://www.thejamjardubai.com/contact/location-map/

Sierra Leone Poster

 

 

 

Dubai’s new DIFC Will system…

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Dubai is on the verge of being the first country in the GCC to implement a dual court system for Muslims and non-Muslims via DIFC. This concept has been successfully demonstrated in countries like Singapore since 1958 and will be a welcome addition to the culturally diverse community of Dubai.

Currently the Dubai court system can be a very complex process for expats. There is no precedent in Dubai, leaving the Dubai court system a very uncertain arena for expats, the outcomes may depend on the judge sitting on the day. On top of this the whole process takes place in Arabic.

Sharia law is the prevailing jurisdiction in Dubai and the UAE which tends to work beautifully for those of Muslim faith who may all live in the same country or the same house and want to share their wealth to all family members. Where this gets tricky is for expats who want to leave their assets or wealth to just their spouse or children. Currently as an expat here in the UAE Sharia law will be applied to you even if you are not of Muslim faith. You can however appeal this decision and get your assets divided according to your last will and testament but as you can imagine this is a long and costly process. So even if you have taken steps to get a Will put in place there are still many hoops that will have to be jumped through.

With over 70% of the population in the UAE being expats, DIFC started to think of a way that they could create a new system for non-Muslim’s to effectively opt out of the Sharia jurisdiction and opt into a much simpler expat friendly system. How will this work?

1.    The DIFC system is only for non-Muslims
2.    The Will can only currently be applied to Dubai based assets allowing non-Muslims to pass on their estate according to their wishes
3.    The Will must be registered at the DIFC by making an online appointment
4.    All Wills will be filed in an electronic version by the DIFC
5.    The court system will be in English
6.    A separate document can be created for guardianship and registered.
7.    A soft online launch of the process will launch online at the end of March followed by a hard launch in May.

This is a very exciting time for Dubai legislation, however implementing a new court system will not be a smooth journey. Please remember that things can and probably will change along the way as the fine details are ironed out. Please keep checking the Finsbury Associates website www.finsbury-associates.com for updates as the new system unfolds.

For further information:
045674500

www.finsbury-associates.com/book-appointment

Or chat to our legal specialist Danielle on Live Chat on Mondays between 8am and 12pm

Kids Initiative launch their new website!

kidsinitiative-logo2015 is an exciting year for the Kids Initiative… Having held over 200 workshops over the past 2 years we are so excited to upgrade our website and therefore upgrade our supporters online experience!

The new website boasts an ‘Ask Rebecca’ page for any First-Aid questions you want to ask our pediatric nurse, Rebecca Smith from Safe Hands, and a ‘Book an Appointment’ page for those of you who don’t have time to attend a workshop but want more information on expat family safeguarding in the UAE.

The Kids Initiative want to hear from you, your feedback is so important to us…

If you have any further ideas on what you would like to see on our new website, please contact:
Lizzie@kidsinitiativeuae.com