Making a will is not a task just for the old and wealthy. It is also for the well-prepared.
Recent years serve as a reminder that you might not know when your last days are. Life expectancy in the US dropped in both 2020 and 2021, driven by Covid-19 deaths and an increase in accidental deaths, according to the most recent data available from the Centres for Disease Control and Prevention.
It is unlikely that you will die young. But if the unexpected happens, having a will in place – even if it feels like you do not need one – can be a simple way to avoid leaving important decisions about your assets and guardianship wishes to laws and courts.
It does not have to cost thousands of dollars, either.
What can happen if you don’t have a will
If you do not have a will – called “dying intestate” – your assets are distributed by a probate court. Going through probate without a will can be a longer, more complicated process, as inheritors must file a petition to make a claim to the assets.
Intestacy laws generally prioritise close family members, such as spouses, children, parents and siblings, as beneficiaries.
If you do not have a will, “funds can wind up in the hands of unintended recipients”, says Regina Kiperman, managing partner at estate planning law firm RK Law in New York.
If you do have children, a will is just as crucial. Whether or not you have assets to pass down, a will is the only way to name a legal guardian of your choosing in the event of your death. Otherwise, state laws determine who cares for your child and what they inherit.
When should you make a will?
“The right time to make a will is based on life events, not age,” Ms Kiperman says.
Generally, these events fall into three categories: Acquiring assets (such as buying a house); legal attachment to someone else (getting married or having a child); and risk of death (health diagnosis or even remote travel).
In some cases, it is helpful to make a will as soon as you are of legal age.
“I wanted to protect myself as early as possible,” says Mariel Picknelly, 21, a singer and content creator based in New York.
Her mother encouraged her to make a will as soon as she reached adulthood to protect assets titled to her at birth. Having her own will has given her and her family security about the future.
“I keep my purse close because I don’t want anyone to take the things that are meant for me and my family and my future,” she says. “A will works the same way.”
How to get started
Making a will does not have to be time-consuming or costly. Some websites offer will templates you use for free. Online will-making software allows you to make a custom will for about $100.
Those with more complex assets or family situations may want to consult an estate planning lawyer to help craft a will.
While a will is a good starting point, more is needed in some cases. If you have complex assets or family situations, setting up trusts could make the transfer of assets faster and more seamless, potentially helping you to bypass the time-consuming probate process, which is the legal process for distributing assets of a person who has died.
For example, “If you have volatile assets, such as investments in different securities, you might want a trust instead of a will so someone can take immediate control of the assets”, Ms Kiperman says.
Trusts also offer more protection if you have minor children or a lifelong dependent whom you would want to inherit assets in a more controlled manner.
However, just because there may be more optimal estate planning tools does not mean a will is not valuable. An imperfect plan is better than none at all.
“People say that having a will is just for rich people,” Ms Picknelly says. “It’s not – it’s for careful people. You don’t need to have a huge amount of assets; you just need protection for when you’re not around to speak for yourself.”
Community Shield info
Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)
Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette
Arsenal manager Arsene Wenger
Chelsea line up (3-4-2-1) Thibaut Courtois; Cesar Azpilicueta, David Luiz, Gary Cahill; Victor Moses, Cesc Fabregas, N'Golo Kante, Marcos Alonso; Willian, Pedro; Michy Batshuayi
Chelsea manager Antonio Conte
Referee Bobby Madley
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20Warriors%20fight%20card
%3Cp%3EMain%20Event%0D%3A%20Catchweight%20165lb%0D%3Cbr%3EMartun%20Mezhulmyan%20(ARM)%20v%20Acoidan%20Duque%20(ESP)%0D%3Cbr%3ECo-Main%20Event%0D%3A%20Bantamweight%0D%3Cbr%3EFelipe%20Pereira%20(BRA)%20v%20Azamat%20Kerefov%20(RUS)%0D%3Cbr%3EMiddleweight%0D%3Cbr%3EMohamad%20Osseili%20(LEB)%20v%20Amir%20Fazli%20(IRN)%0D%3Cbr%3ECatchweight%20161%20lb%0D%3Cbr%3EZhu%20Rong%20(CHI)%20vs.%20Felipe%20Maia%20(BRA)%0D%3Cbr%3ECatchweight%20176%20lb%0D%3Cbr%3EHandesson%20Ferreira%20(BRA)%20vs.%20Ion%20Surdu%20(MDA)%0D%3Cbr%3ECatchweight%20168%20lb%0D%3Cbr%3EArtur%20Zaynukov%20(RUS)%20v%20Sargis%20Vardanyan%20(ARM)%0D%3Cbr%3EFeatherweight%0D%3Cbr%3EIlkhom%20Nazimov%20(UZB)%20v%20Khazar%20Rustamov%20(AZE)%0D%3Cbr%3EBantamweight%0D%3Cbr%3EJalal%20Al%20Daaja%20(JOR)%20v%20Mark%20Alcoba%20(PHI)%0D%3Cbr%3ELightweight%0D%3Cbr%3EJakhongir%20Jumaev%20(UZB)%20v%20Dylan%20Salvador%20(FRA)%0D%3Cbr%3ECatchweight%20143%20lb%0D%3Cbr%3EHikaru%20Yoshino%20(JPN)%20v%20Djamal%20Rustem%20(TUR)%0D%3Cbr%3EFeatherweight%0D%3Cbr%3EJavohir%20Imamov%20(UZB)%20v%20Ulan%20Tamgabaev%20(KAZ)%0D%3Cbr%3ECatchweight%20120%20lb%0D%3Cbr%3ELarissa%20Carvalho%20(BRA)%20v%20Elin%20Oberg%20(SWE)%0D%3Cbr%3ELightweight%0D%3Cbr%3EHussein%20Salem%20(IRQ)%20v%20Arlan%20Faurillo%20(PHI)%3C%2Fp%3E%0A
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
bundesliga results
Mainz 0 Augsburg 1 (Niederlechner 1')
Schalke 1 (Caligiuri pen 51') Bayer Leverkusen 1 (Miranda og 81')
The%20specs
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25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
COMPANY%20PROFILE
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SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
MATCH INFO
Liverpool 0
Stoke City 0
Man of the Match: Erik Pieters (Stoke)
Company%C2%A0profile
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
More from Neighbourhood Watch:
F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
