Inheritance Law in Dubai: Recover Shares & Dividends
When a person dies, the immediate concerns of the family usually revolve around personal belongings, property, bank accounts and other visible assets. However, an important category of wealth is often overlooked: investments held in stock markets, broking accounts and securities depositories.
For families dealing with an inheritance in the UAE, discovering that a deceased relative owned shares in listed companies can raise several difficult questions.
Where are those shares held? Which financial broker manages the investment account? Are there unpaid dividends? Does the deceased have an unclaimed cash balance? Can the shares be transferred directly to the legal heirs, or must they first be sold?
These questions become particularly complicated when the family has little knowledge of the deceased person’s investment activities or when financial institutions do not readily provide information.
This is where an experienced inheritance lawyer in Dubai can play an important role.
Recovering inherited investments is not simply a matter of presenting a death certificate and asking a broker to release the money. It involves establishing the legal entitlement of the heirs, identifying the deceased’s investment holdings, obtaining the necessary court directions and ensuring that the assets are dealt with in accordance with UAE inheritance law.
The process may involve applications before the Dubai Probate Court, correspondence with financial brokers, enquiries through the relevant stock exchanges and, where necessary, further judicial directions to overcome administrative delays.
This article explains how the process works and what families should understand before attempting to recover inherited shares and investment funds in the UAE.
1. Why Recovering Inherited Investments in Dubai Can Be Complicated
An investment portfolio is different from an ordinary bank account.
A deceased investor may have held shares through a registered broking account, securities recorded with a central depository, dividend entitlements awaiting payment, or cash balances arising from earlier transactions.
These assets may be maintained by different institutions.
For example, a financial broker may maintain the investor’s trading account and associated cash balance, while the relevant central securities depository maintains records relating to the ownership of securities.
Consequently, approaching only one institution may not reveal the complete financial position of the deceased.
An inheritance lawyer in Dubai must therefore approach the matter systematically.
The initial objective should be to establish:
- Whether the deceased held an active securities investment account.
- Which stock exchange or depository maintains the ownership records.
- Which broker was responsible for the investment account.
- The number and nature of securities held at the time of death.
- Whether there are outstanding dividends or other investment income.
- Whether cash balances or unsettled transaction proceeds remain payable.
- Whether any shares are pledged, restricted or subject to liabilities.
Without this information, the family may know that investments exist but remain unable to establish their actual value or recover them.
2. Understanding the Inheritance Certificate Under UAE Law
The first important legal step is establishing who is legally entitled to inherit.
In the UAE, this is generally done through an inheritance certificate, commonly referred to as an ‘I’lam Shari’ or declaration of heirs.
The certificate identifies the deceased person’s lawful heirs and specifies their respective inheritance entitlements under the applicable legal framework.
An important legislative development must be considered here.
The UAE introduced a new Civil Transactions Law through Federal Decree-Law No. 25 of 2025, which came into force on 1 June 2026, replacing the previous Civil Transactions Law of 1985.
Article 1140 of the new legislation provides for the competent court to issue a certificate identifying the heirs and stating their respective inheritance shares upon an application by an heir or interested person.
This is an important provision because it establishes the legal foundation upon which subsequent estate administration and asset recovery applications can proceed. LEXAI
However, obtaining an inheritance certificate does not automatically mean that every financial institution will immediately release the deceased’s investments.
The certificate establishes entitlement. Additional court directions, documentation and institutional procedures may still be necessary.
Documents Generally Required
Depending on the circumstances, the family may need to arrange:
- The deceased person’s death certificate.
- Identification documents of the deceased and the heirs.
- Documents establishing family relationships.
- Relevant inheritance or succession documents.
- Power of attorney, where a representative is acting for the heirs.
- Attested and officially translated foreign documents, where applicable.
- Relevant will or probate documentation, if a will exists.
The applicable succession framework must also be examined, particularly where the deceased was an expatriate or had assets in more than one country.
3. Opening an Estate File Before the Dubai Probate Court
Once the succession documentation is available, the next important step is determining whether an estate file has been opened before the competent court.
Dubai has a specialised judicial institution known as the Probate Court, established under Dubai Decree No. 25 of 2023.
The establishment of this specialised court was intended to consolidate inheritance-related applications and estate disputes before a dedicated judicial authority.
Under Article 9, the Reporting Judge has powers relating to the administration of estate files, including inventory, liquidation and preparation for distribution among the heirs.
Article 10 provides for inheritance and estate applications to be submitted before the Reporting Judge, who may issue the appropriate certificates, decisions and orders. Dubai Gov
For families seeking an inheritance lawyer in Dubai, this stage is particularly important.
The estate file provides the formal judicial framework within which applications can be made to identify investments, obtain financial information, preserve assets and arrange for the eventual distribution of the estate.
Rather than approaching every institution independently, the heirs may seek appropriate court directions to obtain the necessary information.
4. How Can the Court Help Identify the Deceased’s Shares and Investment Accounts?
One of the most important stages in recovering inherited investments is establishing exactly what the deceased owned.
In many cases, the family may possess an old broking statement, an investor number or a document showing that the deceased invested in companies listed on the Dubai Financial Market or Abu Dhabi Securities Exchange.
In other situations, the family may not even know which broker handled the investments.
An application can be submitted through the estate file requesting the court to make enquiries with the relevant financial broker, stock exchange or securities depository.
The institution approached will depend on where the relevant information is maintained.
The application should ideally seek a comprehensive account of the deceased’s investment position, including:
- Investor identification number and registered account details.
- Names of the listed companies in which shares were held.
- Total number of shares recorded in the deceased’s name.
- Available broking cash balances.
- Unsettled sale proceeds from earlier transactions.
- Outstanding dividends and other investment entitlements.
- Any pledges, restrictions or liabilities affecting the portfolio.
- Documents required to transfer or otherwise deal with the investments.
The importance of obtaining dividend information should not be underestimated.
For perspective, the Abu Dhabi Securities Exchange reported that its listed companies distributed AED 74 billion in cash dividends during 2025, compared with AED 67 billion in 2024.
These figures demonstrate the considerable scale of dividend distributions in the UAE investment market. They also underline why an estate enquiry should expressly cover unpaid dividends and other outstanding investment entitlements rather than merely asking for the current shareholding position.
Of course, market-wide dividend figures do not establish the amount payable to any particular deceased investor. That must be verified through the relevant institutional records. adx.ae
A properly prepared court application can help ensure that the enquiry covers the entire investment portfolio rather than being restricted to one account balance.
5. Recovering Shares, Unpaid Dividends and Broking Balances
Once the relevant institution provides the necessary information, the next question concerns the actual recovery of the assets.
It is important to distinguish between three different categories:
A. Existing Cash Balances
These may include money already lying in the deceased’s broking account.
B. Outstanding Dividends
These represent investment income declared or payable to the deceased but not yet collected.
C. Securities and Shares
These are ownership interests in listed companies and must be dealt with according to the applicable transfer or sale procedures.
Where the broker or depository confirms that money is payable to the estate, a further application may be submitted requesting appropriate directions for its transfer into the designated court account associated with the estate file.
- The application should clearly identify:
- The financial institution concerned.
- The relevant investor or account reference.
- The amount or balance identified.
- The estate file details.
- The requested method of payment or transfer.
The new Civil Transactions Law is particularly relevant here.
Article 1123 empowers the court to take measures necessary to preserve estate assets. These measures may include directing the deposit of cash, documents, securities and valuable items in the court treasury until liquidation is completed.
Article 1127 addresses the responsibilities of an appointed estate executor, including preserving estate assets, administering them and collecting debts due to the estate. LEXAI
It is important to understand that transferring money into the estate account and distributing that money to individual heirs are two separate legal stages.
The first brings the money under the appropriate estate administration process. The second concerns the actual entitlement and distribution.
6. Must Inherited Shares Be Sold Before the Heirs Can Receive Them?
This is an important question, particularly where the deceased held substantial investments in listed companies.
There is a common assumption that shares must necessarily be sold and converted into cash before the heirs can receive their inheritance.
That is not necessarily correct.
Depending on the applicable rules, court directions and institutional requirements, the heirs may seek:
Transfer of the existing cash and dividend balances.
Authorisation to sell the shares and transfer the net proceeds.
Direct transfer of the inherited securities into the beneficiaries’ investment accounts.
The distinction matters.
A sale changes the investment into money. An inheritance transfer changes the ownership of the securities.
The UAE securities depository rules recognise inheritance-related transfers.
For example, Rule 5.5.1 of the Dubai Central Securities Depository Rules recognises specified transfers outside the ordinary trading mechanism, including transfers arising from inheritance, wills and court orders.
Similarly, Article 59 of the Abu Dhabi Securities Depository Rulebook recognises transfers of securities resulting from inheritance, wills and court orders outside the ordinary trading session. api.dfm.ae
These provisions are significant because they demonstrate that inherited shares do not invariably have to be liquidated.
The appropriate course will depend on the beneficiaries’ wishes, the court’s directions and the requirements of the relevant depository and broker.
An inheritance lawyer in Dubai should therefore ensure that the application clearly identifies whether the family wants the shares transferred or their monetary value recovered.
7. What Happens When the Financial Broker Does Not Respond to the Court?
One practical difficulty that families may encounter is delay.
Even after the court has issued correspondence requesting information from a financial institution, the response may not arrive within a reasonable period.
- There may be several reasons:
- The institution requires additional identification documents.
- The investor account contains incomplete information.
- The relevant department has not processed the request.
- There are technical or compliance-related restrictions.
- The correspondence has not reached the appropriate department.
Simply waiting indefinitely is not necessarily the best approach.
Where a court communication remains unanswered, an appropriate follow-up application can be submitted within the estate file.
- Such an application should provide a clear account of the correspondence already undertaken, including:
- Date of the original court communication.
- Reference number of the correspondence.
- Evidence of delivery, where available.
- Details of previous reminders.
- Information or payment that remains outstanding.
- The practical consequences of the delay for estate administration.
The applicant may request the court to issue a further communication, seek an explanation or consider additional directions.
The important point is that the application should explain the actual problem rather than merely complain that the institution has not responded.
A properly documented follow-up can help the court understand what remains unresolved and what intervention may be appropriate.
8. Can an Heir Personally Deliver Court Correspondence to the Broker?
In certain circumstances, further practical steps may be considered where ordinary institutional correspondence has not produced a response.
For example, an application may request permission for a named heir or authorised legal representative to deliver the court’s communication personally to the concerned financial institution.
Where permitted by the court, the representative may also be authorised to collect the institution’s written response.
- Such an application should clearly specify:
- The name of the financial institution.
- The relevant court correspondence.
- The person authorised to deliver the documents.
- The documents or response that may be collected.
- The method by which proof of delivery will be provided.
An acknowledgement bearing the institution’s stamp or another accepted receipt can help establish that the communication was delivered.
However, an important distinction must be maintained.
Permission to deliver or collect correspondence does not automatically confer authority to receive money belonging to the estate.
If the family also seeks permission for an authorised representative to collect a cheque or other payment instrument, that request should be expressly placed before the court, together with appropriate directions concerning deposit into the estate account.
The court will decide whether such permission is appropriate and what its scope should be.
9. Can the Court Require the Broker’s Responsible Officer to Explain the Delay?
Where repeated correspondence has failed to resolve the matter, the heirs may consider requesting further judicial intervention.
- For instance, an application may seek an explanation from the relevant institution concerning:
- Whether the court’s correspondence was received.
- Why the requested information has not been supplied.
- Whether any documents or approvals remain outstanding.
- Whether the transfer is being prevented by a legal or technical restriction.
- What steps are required to complete the process.
Depending on the circumstances, the court may consider requiring a written explanation, directing the production of relevant documents or taking another appropriate procedural step.
There is also a relevant provision under Federal Decree-Law No. 35 of 2022 concerning Evidence in Civil and Commercial Transactions.
Article 36 addresses the court’s power, in the circumstances specified by the provision, to require a third party to produce a document in its possession.
However, this provision should not be misunderstood as creating an automatic right to compel a broker’s manager to attend court whenever correspondence is delayed.
The distinction is important. A request for document production and a request for the attendance of a particular institutional representative are different procedural matters. The court must determine the appropriate course in each case. UAE Legislation
Where a genuine dispute arises concerning ownership, liability or entitlement to payment, further proceedings may be required.
10. Does This Procedure Apply to All Investments Held in the UAE?
Not necessarily.
The procedure described above is primarily concerned with shares and investment assets recorded through UAE stock exchanges, central securities depositories and locally regulated financial brokers.
- For example, the relevant institutions may include:
- Dubai Financial Market
- Abu Dhabi Securities Exchange
- Dubai Central Securities Depository
Each institution may have its own documentation and operational requirements.
Furthermore, investments held through overseas brokers, international custodians or foreign stock exchanges may require additional legal procedures in the relevant jurisdiction.
A Dubai court order should not automatically be assumed to complete the transfer of investments held outside the UAE.
This is particularly important for expatriate families whose deceased relatives maintained investment portfolios in multiple countries.
Before proceeding, the lawyer should establish where each asset is legally held and which succession framework applies.
11. How Are the Recovered Shares and Investment Funds Distributed Among the Heirs?
Recovering the assets is only one part of the process.
The next stage is determining how the recovered assets should be distributed.
Under Article 1139 of the new UAE Civil Transactions Law, the remaining estate assets, after fulfilment of the estate’s obligations, devolve upon the heirs according to their lawful inheritance shares.
Article 1141 addresses the delivery of estate assets to the heirs by the estate executor.
These provisions reinforce an important legal principle: the estate must be properly administered before its remaining assets are distributed.
- The process may involve:
- Establishing the legal heirs and their respective entitlements.
- Identifying and recording the deceased’s assets.
- Recovering outstanding investment funds and dividends.
- Addressing the estate’s applicable liabilities and obligations.
- Obtaining the necessary court directions for distribution.
- Transferring the assets or money to the entitled beneficiaries.
The precise distribution will depend on the applicable succession law, the court’s directions and the circumstances of the estate. LEXAI
This is another reason why professional legal assistance can be valuable, particularly where there are several beneficiaries, overseas heirs or disagreements concerning the estate.
Frequently Asked Questions About Inherited Shares and Investments in Dubai
1. Can an inheritance lawyer in Dubai help locate a deceased person’s investment accounts?
Yes. An inheritance lawyer in Dubai can prepare appropriate applications requesting the court to make enquiries through relevant financial brokers, stock exchanges and securities depositories. Existing investor numbers, brokerage statements and identification documents can help direct these enquiries.
2. What happens if the family does not know which broker the deceased used?
The family may request appropriate enquiries through the relevant stock exchange or securities depository. Depending on the available identification information, these enquiries may help establish the investor’s account details and identify the relevant broker.
3. Does an inheritance certificate automatically release the deceased’s brokerage funds?
No. An inheritance certificate establishes the identity of the heirs and their inheritance entitlements. Additional court directions and institutional documentation may be required before funds can be transferred or securities registered in the beneficiaries’ names.
4. Can heirs recover unpaid dividends belonging to a deceased investor?
Yes, subject to verification of the entitlement and completion of the applicable legal and institutional procedures. The court application should expressly request information about outstanding dividends and other investment income.
5. What can heirs do if a financial broker does not respond to the court?
A documented follow-up application may be submitted requesting further judicial directions. Depending on the circumstances, this could include renewed correspondence, an explanation for the delay, production of relevant documents or other appropriate measures.
6. Can one heir collect the deceased’s investment money on behalf of all beneficiaries?
This depends on the legal authority granted and the court’s directions. Being recognised as an heir or authorised to collect correspondence does not automatically confer authority to receive the entire estate’s money.
7. Can inherited shares be transferred directly without selling them?
Yes. The Dubai CSD Rules and Abu Dhabi CSD Rulebook recognise specified ownership transfers arising from inheritance, wills and court orders. The transfer remains subject to the applicable documentation, court directions and depository procedures.
8. How do I choose the best inheritance lawyer in Dubai for recovering investment assets?
Look for a lawyer familiar with UAE inheritance proceedings, estate administration, securities accounts and applications involving financial brokers and depositories.
It is also important to understand who will handle the matter, how institutional delays will be addressed, what documentation is required and how legal fees and progress reporting will be managed.
9. Can overseas heirs obtain legal advice about inherited investments in Dubai?
Yes. An initial legal consultation can often be arranged remotely to examine the available documents, identify the applicable succession framework and determine the likely court applications. Formal representation must comply with the relevant authorisation and procedural requirements.
Conclusion: Recovering Inherited Investments Requires More Than an Inheritance Certificate
When a person dies leaving behind shares, dividends and brokerage investments, the family is not necessarily dealing with a straightforward inheritance matter.
The assets may be recorded across different financial institutions, the investment account may not be known to the heirs, and the process of obtaining information may require several applications before the competent court.
The law provides a framework for identifying heirs, preserving estate assets, administering the estate and eventually transferring the remaining assets to the beneficiaries.
The new UAE Civil Transactions Law, effective from 1 June 2026, is an important legislative development in this area. Its provisions concerning estate preservation, administration, inheritance certificates and delivery of estate assets provide the statutory foundation for the relevant stages of the process.
However, the practical success of an investment recovery exercise often depends on how effectively the legal applications are prepared and followed through.
A family should not assume that obtaining an inheritance certificate will, by itself, resolve every issue involving the deceased’s financial investments.
The real task is to identify what the deceased owned, establish where those assets are held, obtain the necessary judicial directions and ensure that the investments or their proceeds ultimately reach the lawful beneficiaries.
That requires a coordinated understanding of inheritance law, court procedures and the operational requirements of the UAE securities market.
Written By: Dr. Hassan Elhais
Dr. Hassan Elhais publishes analysis of UAE inheritance law matters, including succession, estate matters and inheritance disputes. For readers researching an inheritance lawyer in Dubai, his writing offers insight into the legal questions surrounding these topics. Explore his published work and practice-area information for further context.
References: https://www.professionallawyer.me/legal-articles/family-law/inheritance-lawyer-in-dubai-a-practical-guide-for-expats-and-residents
