Islamic estate planning (Crucial things to know)
Islamic inheritance law is the foundation of Islamic estate planning tools such as Islamic Wills and Trusts (or Waqf). Muslim inheritance cannot be distributed other than through Islamic law. Since the laws of secular countries are not the same as Islamic laws, you will need a creative solution to comply with Shariah in addition to legal laws. You can observe this fact in many blogs and articles by attorneys and lawyers in the field. Your estate plan will be non-compliance with Islamic inheritance law means non-compliant also if your estate plan is non-compliance legal means non-compliant. You should know these things that we will explain in this video.
Islamic estate planning on Wassiyyah
Gaining knowledge about the Muslim succession law (Ilmul Al Mirath or Faraidh) is not just a religious duty but part of Ibadah (i.e., worship) for the adherents of the Islamic faith. Mawarith is the foundation of Islamic estate planning (i.e., Islamic Wills or Wasiyya, Trusts, Guardianship, Family or Corporate Executor and Trusteeship, Wealth administrations and estate distributions, Probate, Settlements, and Debts) to look after the heritage you leave after death, Janazah, and funeral/burial.
Due to such an enormous, hearty influence on a person's life, learning and following the spiritual law becomes more meaningful and crucial. Any wealth you earn in a lifetime ends up in five things; taxes, expenses, debts, bequests, or estates.
Wealthy people leave a big portion of the legacy, while the poor cannot quench a thirst for it. Every asset and dollar in cash or bank left after death is considered an estate under Islamic and conventional law.
Believers can enjoy their wealth as best as possible, but it becomes part of their spiritual duties immediately after death. Learning can help you understand more about optimizing your religious obligation. You may debate for years that you may or may not need Islamic Wills or Trusts but read the five (5) strong reasons you should know for meeting compliance.
Now the question is how to meet compliance! That's where Wassiyyah comes in. Wassiyyah is an Islamic estate planning expert and learning resources provider. Wassiyyah offers estate plans approved by Attorneys, lawyers, and Islamic scholars.
Wassiyyah prepares you to create a unique estate plan than a traditional Islamic estate planning provider. Wassiyyah delivers service that does not require knowledge or experience. You may have many questions about creating your Islamic estate plan, and we have compiled a customized video for you.
Topics include but are not limited to; What should I know for creating Islamic or Muslim Wills? How can I decide between different estate plans? What should I know for creating a legally and Islamically compliant estate plan? Visit our Wassiyyah YouTube video channel to find answers to your questions.
