Dubai: During a recent seminar titled 鈥淭he Role of the Inheritance Court in Supporting Dubai鈥檚 Economic Agenda鈥, legal and economic experts called for developing specialised talent to manage family businesses and organise inheritance matters. The event, organised by Dubai Courts in collaboration with the New Economy Academy, emphasised that family-owned businesses form a cornerstone of the national economy 鈥 and their sustainability relies on strong governance and qualified advisors. A talent gap that needs attention.Speakers pointed out a clear shortage of experts who understand the unique structure and needs of family businesses. They stressed the need for targeted training programs and legislative reforms to fill this gap and ensure long-term stability for these companies.Suggestions included creating specialized workshops to train consultants who not only understand local laws and family dynamics, but also know how to work with traditional decision-makers within these businesses.Going digital to speed up inheritance processing.The seminar also explored how digitizing inheritance procedures can support Dubai鈥檚 D33 Economic Agenda, which aims to double the city鈥檚 economic output and position it among the world鈥檚 top financial centers. This includes establishing a flexible legal and tech-friendly environment for business growth.Participants discussed the role of the Inheritance Court in fostering a safe business climate by training judges in economic and administrative matters to deliver fast, fair rulings. These efforts align with Dubai鈥檚 wider goals to improve judicial efficiency, resolve corporate disputes, and safeguard market interests through tools like smart contracts and financial trusts.Safe wealth transfers for a stable future.Judge Mohammed Jassim Al Shamsi, Head of the Inheritance Court at Dubai Courts, underlined the importance of raising public and institutional awareness about structured inheritance planning. He explained that the court is actively developing frameworks to keep pace with economic and social changes. These include proactive arbitration, digital documentation, and managing complex assets through smart tools.One major initiative is the launch of the 鈥淒igital Inheritance File鈥 鈥 a system designed to organize and document all inheritance-related processes electronically. This is especially crucial when business owners pass away, often leaving behind financial institutions or companies that fall into disarray due to lack of planning and inexperienced heirs stepping in.The court is already issuing daily decisions from the moment an inheritance file is opened 鈥 aimed at expediting asset transfers, facilitating settlements, and ensuring business continuity until final evaluations are completed. Future plans involve working with expert firms to strengthen governance mechanisms during ownership transitions.Empowering the next generation.Adeeb Rasheed, Director of the Family Business Center at Dubai Chambers, said the seminar is part of a larger initiative to support the institutional transformation of family businesses. He confirmed that the lack of qualified consultants is slowing their development, and called for the training of national talent that meets both local and global standards.Rasheed also emphasized the need to raise legal and economic awareness about inheritance issues and prepare heirs to responsibly manage their wealth. He warned that a lack of legal knowledge could lead to long-lasting disputes and asset freezes that destabilize markets.Speakers called for wide-reaching awareness campaigns targeting wealthy families and business owners, informing them of their rights and responsibilities in inheritance matters.Changing the financial mindset of heirsDiscussions also tackled the issue of financial knowledge transfer. Studies show that many family fortunes are lost when passed down due to heirs鈥 lack of financial literacy. Experts stressed the need to shift from a culture of spending to one of responsible investment and management.They proposed practical solutions to ensure long-term sustainability of inherited wealth, including financial education programs, wealth management plans, and new approaches that balance family unity with business success.Dr. Tarek Al Hajiri, CEO of Dots & Co Consultancy, noted that legal advisors for family businesses must deeply understand the family鈥檚 internal structure and cultural dynamics, in addition to legal frameworks. Choosing the right advisor, he said, is as vital as financial or operational planning.He also advocated for tailor-made legal and governance solutions, training programs for future generations, and clear evaluation systems to track business performance.Holistic solutions to avoid asset freezing.Finally, panelists presented integrated approaches to prevent inheritance-related asset freezes. These included simplifying legal procedures, protecting financial assets from erosion, and implementing modern endowment management systems.Experts proposed sustainable wealth management models like specialized investment funds and comprehensive estate plans 鈥 aimed at protecting heirs鈥 financial rights and preserving family legacies. All of these efforts tie into Dubai鈥檚 vision for economic resilience and long-term stability across generations.