Written by: Kassem Lahham, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Planning for the future isn't just about saving money or investing wisely—it's also about making sure your loved ones are taken care of when you're no longer around. This is where having a will comes into play. Bright Wealth Banking brings you straightforward advice and real-life examples to show how vital a will is in managing your estate and protecting your family.
Why you need a will?
Your bank accounts get locked: Right away, your bank accounts will be frozen. That means no one can use the money, which can be a big problem for your family.
Visas get cancelled: If you're living in a country where you need a visa, it will be cancelled. This could affect your family's right to stay in the country, an exception to this is the Golden Visa.
Your country finds out about your death: Your home country will be officially told about your death. This is required by international laws and bank accounts might get blocked there as well.
There are other problems too
The laws where you lived will decide who gets your stuff, which might not be what you wanted.
Money from life insurance or your job might not get to your family right away.
Investments you have might be stuck and not help your family when they need it.
Your family might argue about your stuff, which can be stressful.
If you had a former partner, they might want a share.
The things you owned in your home country will be handed out by the rules there, not necessarily your wishes.
Your kids might not get their inheritance handled the way you'd like.
The process can be costly and take a long time because of all the paperwork.
In some places, there might be a big tax on your inheritance—up to 40% or more.
The unwritten will: Consider the Smith family, who like many, aimed for a financially secure future. John Smith, the breadwinner, had carefully built up a modest wealth through diligent work and wise investing. Yet, his unexpected death without a will left his family in a maze of legal battles and disagreements. This situation is a stark reminder of the chaos that can ensue without proper estate planning. Without a will, your assets are stuck in a gray area, with state laws dictating who gets what. These decisions may not align with your final wishes.
This is particularly critical for families residing in the UAE or the GCC, where local Sharia Islamic laws come into play. For example, in the Smith family, having one son and one daughter means their inheritance would not be split equally. The son would receive twice as much as the daughter, a stark contrast to equal inheritance norms in Western cultures. And if John had no sons, his estate could pass to his brothers or the closest male relatives, sidelining his direct descendants.
A prepared legacy: On the other hand, Jane Miller's proactive approach with Bright Wealth Banking ensured her assets were distributed according to her wishes, showcasing the power of preparation.
Guardianship – protect your children: The Thompsons made sure their children would be looked after by trusted family members through specific guardianship clauses in their wills, highlighting the importance of thinking ahead for your children's well-being.
How bright wealth banking can help
At Bright Wealth Banking, we're dedicated to making legacy planning as straightforward as possible. Our services include helping you draft a will, advising on guardianship, and providing Power of Attorney guidance. We aim to ensure your estate reflects your hard work and values, and your family is looked after according to your wishes.
Start planning today
The stories of John, Jane, and the Thompsons illustrate why having a will is non-negotiable for protecting your financial legacy. With Bright Wealth Banking, you're not just planning for the future; you're securing a legacy that mirrors your life's achievements. Visit us here to begin your journey toward financial peace of mind and ensuring your wishes are honored.
Remember, while the names in these stories are fictional, the situations reflect real challenges and solutions provided by Bright Wealth Banking. Start planning your will today to protect your family and secure your legacy.
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Kassem Lahham, Executive Contributor Brainz Magazine
Mr. Kassem, as an entrepreneur has contributed to not only to the Entertainment industry but also to the Financial and Banking industry and many more. He stands-out by his radical client-centric mindset and broad experience with UHNW individuals and their needs in wealth management gained as a Senior Private Banker since 1987. He has also played key role in influencing youth with business mindset, financial knowledge and much more. One of the way he has done this is by serving as a guest lecturer at the Gulf University of Science and Technology (GUST), American University of Kuwait (AUK) in Kuwait and at the American University in Amman, The Hashemite Kingdom of Jordan, giving lectures about Wealth Management,
