Dealing with an inheritance, whether expected or not, is never easy when it accompanies the death of a loved one. But financial planning experts warn heirs and beneficiaries to keep a few thoughts in mind as they start to move forward.
Take your time
"It can be more difficult to have mental and emotional clarity during the grieving process," says Vince Truong, a certified financial planner. "This process can be complicated if there are other family members or persons who are co-heirs." It is, therefore, important to take time making decisions. It may also be worth meeting an objective, trustworthy expert "who focuses on advice, and not commission, to help work through emotionally charged issues".
Gauge your risk tolerance
Some beneficiaries these days still receive a stock portfolio, which is far more liquid than a house. But investors should carefully consider whether they want to make any changes to those stock holdings by reallocating or selling them off "as the holdings may not match [an investor's] goals or risk tolerance", Mr Truong says.
Check property taxes if you sell ...
Some beneficiaries in the UAE receive a home as a form of inheritance, which they may later sell. But "many countries tax sales of property even if you have lived in the UAE for a number of years", says Andrew Landin, the managing director of Expat US Tax. "It's important to realise that if you receive a home via an inheritance, when you come to sell it you may have a tax liability in that country."
... Or if you rent
"If you rent out the property, you may have to file tax returns to report the rental income," says Mr Landin. "No one will tell you that you need to do this, but the tax authorities will come down hard on you if you fail to comply with the rules."
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
Specs
Engine: 1.5-litre turbo 4-cylinder / 2.0 turbo 4-cylinder (S3)
Power: 148bhp / 328bhp (S3)
Torque: 250Nm / 420Nm (S3)
On sale: December
Price: TBA
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Naga
Director: Meshal Al Jaser
Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad
Rating: 4/5
The Iron Claw
Director: Sean Durkin
Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James
Rating: 4/5
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90+4')
Red card: Rodrigo Bentancur (Juventus)
Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices