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ARTICLE · 26 NOVEMBER 2018

Payable On Death Or Transferable On Death – Global Views

Death is always a profoundly emotional occurrence and the time following it can be complicated and involve many laws and regulations.

United Arab EmiratesTax

Death is always a profoundly emotional occurrence and the time following it can be complicated and involve many laws and regulations. A person lives and works through their entire lives and will build up possessions and valuables, and they could potentially also have agreements and contracts with certain entities. The most likely one of these would be a bank, where they would hold an account. Upon their death though, possessions and arrangements will no longer be of use to them. The question arises then regarding what is required with these possessions and more specifically to this article, accounts. In the end, they were still the belonging of the individual, and no one has a right to them except those who they have been assigned to through wills (or in the case of absence of a will, there will be other means to split an estate) or perhaps their creditors to some extent.

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