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Offshore accounts affected by UAE in the event of death

Sanddy_Dogg

5499

Posts

EW MASTER

Latest post on 25 September 2011 - 20:59

I was just talking to my offshore bank who have told me that we need a will in place to protect our offshore accounts in the event of the death of one or both of us.
I know this can be an issue with locally held accounts but I wasn't aware that they can meddle with our offshore accounts. Anyone else heard of this?

Sanddy_Dogg

5499

Posts

EW MASTER

Latest post on 26 September 2011 - 22:43

Is it a jurisdiction thing or a bank thing (no matter where the bank is located)? It is standard bank procedure (and the law in most countries) if a account holder dies - all his accounts are frozen until there is a legal disbursement of the estate. In many countries, if the executor of the estate has the proper paperwork and presents it to the bank, that is sufficient. Ask the bank. When my father-in-law died, it took seven years for his widow to be able to access their (joint) account and their safe at the bank. When she did, she was allowed to open the safe in the central area of the bank and to her surprise, withdrew the gun he had used to fire a victory salute from the top of the Athens Chamber of Commerce on the day Greece was liberated, in 1944. Fortunately, it wasn't loaded, though the bullets were in the safe beside it. [b'>We have learnt from this that when one of us dies, the other will be sure to empty any joint accounts before giving the death certificate to the banks concerned.[/b'> Yup, that's what we've said too.

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Sanddy_Dogg

5499

Posts

EW MASTER

Latest post on 26 September 2011 - 22:41

Unfortunately the lady at the bank was mis-informed. Your assets held offshore are out of bounds of the UAE. Of course having a will is always a good thing, allowing things to be sorted out more quickly. Although you may have been mis-informed, in the end, it was a good thing the lady mentioned about the will. Misinformation indeed. I have since been told that different areas hold their own rules for banking but the UAE's rules have no bearing on my offshore assets. I will get a will sorted, but one that takes into account all of my assets, in several countries, not one that only covers a few accounts held with one bank. Thanks for your input.

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simpleasabc

5400

Posts

EW MASTER

Latest post on 26 September 2011 - 22:32

Is it a jurisdiction thing or a bank thing (no matter where the bank is located)? It is standard bank procedure (and the law in most countries) if a account holder dies - all his accounts are frozen until there is a legal disbursement of the estate. In many countries, if the executor of the estate has the proper paperwork and presents it to the bank, that is sufficient. Ask the bank. When my father-in-law died, it took seven years for his widow to be able to access their (joint) account and their safe at the bank. When she did, she was allowed to open the safe in the central area of the bank and to her surprise, withdrew the gun he had used to fire a victory salute from the top of the Athens Chamber of Commerce on the day Greece was liberated, in 1944. Fortunately, it wasn't loaded, though the bullets were in the safe beside it. We have learnt from this that when one of us dies, the other will be sure to empty any joint accounts before giving the death certificate to the banks concerned.

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fjcruiser

542

Posts

EW GURU

Latest post on 26 September 2011 - 22:24

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Sanddy_Dogg

5499

Posts

EW MASTER

Latest post on 26 September 2011 - 08:16

MC, it's the bank who are telling me that the UAE can meddle with my offshore accounts. It's the first I've heard of it, though.

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marycatherine

1759

Posts

EW EXPERT

Latest post on 26 September 2011 - 07:38

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Sanddy_Dogg

5499

Posts

EW MASTER

Latest post on 26 September 2011 - 07:14

I will do, thanks :)

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chezmoi

4000

Posts

EW MASTER

Latest post on 26 September 2011 - 06:56

I cannot see how this country has jursidiction over a foreign nationals offshore assests outside of the UAE, if that were the case then all those people who left Dubai in 'unusual'' circumstances would have their assets impounded back home. Any country only has jurisdiction over its own territory and its own nationals. I think that lady must have been mistaken or trying make a pitch to sell you their service, but to be on the safe side why not talk to an independant financial advisor.

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Sanddy_Dogg

5499

Posts

EW MASTER

Latest post on 26 September 2011 - 06:21

Thanks for that FJC. I explained that I am not a UAE national so couldn't see why our offshore assets would be affected by UAE laws but the lady was insistent that that it would be and has arranged for someone to call me and discuss a will. My bank can sort this will out for me - cost as yet undisclosed. I thought it was either the lady I was talking to not knowing what she was talking about, or a scaremongering tactic to get me to buy their will, but I want a will that encompasses all my assets, both here and offshore so if it's incorrect info I'm being given I'd like to be able to tell them that I don't believe it. ETA Is there a way to find out for sure if one's offshore assets/cash are safe from local laws? <em>edited by Sanddy_Dogg on 26/09/2011</em>

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fjcruiser

542

Posts

EW GURU

Latest post on 25 September 2011 - 22:24

As far as I know, your assets held offshore do not form part of your estate in the UAE that's why you are often advised to minimise your assets here(if you can of course) to avoid Sharia Law should your husband dies. Outside countries where there is Sharia Law, dying intestate (without a will) exposes your estate to be divided according the laws of the country your estate is That's why it is essential to have a will in place especially when you have children. As an ex-banker, I always mentioned to my customers with savings and investment to have a will drafted.HTH

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