news:53bc1e51-9135-4fbc-a068-0916ea69afd9@m34g2000hsf.googlegroups.com...
I am a christian living in UAE a Muslim country where Sharia law
followed. I have lived here for the last 5 years and have various
assets (properties) and bank accounts in my name here. I want my wife
and children to inherit all my assets as well as balances of my bank
accounts. I know that the Sharia Law is quite complicated given that
the Will only accounts for 1 third of the distribution and also
certain amounts going to my blood brothers.
I was told that under the sharia law all Loans and debts must be paid
out first before any distribution starts. Therefore is it possible for
me to write a formal document which says for example: I have borrowed
X amount of money from my wife and Y amount from my first child and Z
amount from my second child Etc……
What happens to property which is in my name can I also say that the
money used to buy the property was borrowed? Would that be acceptable
for changing ownership to whomever I wish to give it to?
I was told that one way to avoid this is to create an offshore trust,
however this seems there are a lot of ongoing costs, and I was
wondering if anyone has bright ideas regarding this matter, especially
for money and property which is in this country.