Planning for what happens to your family’s legacy after you are gone is a sensitive and uncomfortable topic that too often goes ignored. Failing to communicate your vision and your wishes to your Family can lead to a host of potentially detrimental predicaments. To begin with, you leave your family in the difficult position of assuming the plan you had in mind, at an already trying time in their lives, leading to the possibility of your beneficiaries not receiving the amounts or assets you had intended them to. In the long run, it can get a lot more complicated. For example, the person you had in mind to take over your estate might not be up to the task, or family members could make erroneous decisions, putting your overall portfolio at risk of being outdated in the future.
Proper, concise and clear Estate Planning can help you develop a unified understanding with your family members to create a common philosophy that will carry your legacy successfully through the generations. Legacy Line advises you on the best plan to sustain your estate’s future, including assigning tasks and roles to certain family members, choosing the appropriate individual to manage a certain asset or serve as trustee and devising a detailed plan based on the vision you have for your business.
If you’d like to know more about how Legacy Line can help with your Estate Planning, explore the stories of some of our other clients.
Samer* is an established businessman with interests all over the world. He continuously worries that in the event of his death, his wife and children won’t be aware of what his assets are and where they are situated. Moreover, he was concerned about the distribution of his assets after his death and their tax implications. Legacy Line assisted Samer by helping him keep record of his worldwide estate, creating a digital index of all his documents, which would be updated quarterly. His assets were then all moved into a Foundation and multiple offshore structures to ensure tax efficiency and distribution, as per his wishes. He now receives consistent tax updates to ensure his assets are tax optimized.
As a devoted Muslim, Ahmed* was looking to make sure his global estate adhered to Islamic Sharia Law. His concern that was that should he pass away, his investments in Europe and North America would be distributed according to the local laws and not Sharia Law. Legacy Line helped Ahmed put together a Sharia-compliant trust to ensure his assets would be distributed appropriately upon his death.
Writing a Will is never an easy task. Both emotional and pragmatic, it can be overwhelming to detail your wishes in the event of your passing, especially since it inevitably involves many complications and sensitive issues.
Legacy Line can advise you on the most seamless way to leave your Last Will and Testament, helping you define several factors such as who will execute your Will, who will hold it, how often do you need to update it, whether it is valid in your home country or current place of residence, and what could happen if you don’t have a Will at all.
We strive to be tactful and delicate, while also guaranteeing you that your wishes will be respected down to the last detail.
There are many ways Legacy Line can support you in creating and structuring your wills. Read on to see how we helped a few other clients.
Wael and Roula* live with their two young boys in Dubai. They own a few properties in the UAE and abroad and worry that in the event of their passing, their children will be left without an appropriate guardian and their assets won’t be properly distributed. Legacy Line assisted them in carefully choosing the best guardians for the children and helped them in drafting a Last Will & Testament, along with a letter detailing their wishes to secure the future of their children and distribution of assets.
*All names have been changed for confidentiality.