Manama : Differences in the GCC legal structure makes succession planning very important for expatriates, said legal expert M.D. Marria, whose firm specialises in helping people to draw up wills and an action blueprint.
Speaking to delegates at the BCICAI Chartered Accountants conference, Marria said that in the GCC and Middle East the importance of writing a will increases manifold because the policies regarding the sudden demise of a person are different. In many cases, the cosmopolitan expatriate community also represents mixed-nationality and inter-faith marriages and these could lead to complications in accessing bank accounts, wealth and also child custody, he pointed out.
In the GCC, even a joint account will be frozen in case of the demise of one account-holder. Moreover, even a simple act such as selling the family car will require many no-objection clearances from the owner’s immediate family back home.
“Succession planning needs to be done with clarity and well in advance,” Marria said, “I recommend four things to all expats: open an emergency joint account which can be used in such a situation; second, have proper insurance cover or liability protection; and three, have a clear inventory of assets, bank account details, passwords etc and share it with your spouse and trusted relative.”
Fourthly, he said, working women must get an independent visa, so that in case of the spouse’s demise, she has no time-limit on her residency and can sort out all legal matters here.
“A proper will is one that covers your wealth distribution, clearly instructs about your children’s guardianship in case of your demise and recognises the power of attorney you have invested in a trusted relative or friend,” Marria said, “The pity is that 2 out of three expats do not make a will or have a copy of it in their host country where they spend the most time.”