Muslim estate planning (5 Strong Reasons for Compliance)
The five-strong reasons include debt payment, saving assets before being declared as Escheat, Deed of Gift opportunity, respecting the intricacy of wealth planning, and visualizing outcomes are all equally important. Missing one or more of these can reduce the chances of meeting your goal that no attorney or lawyer denies.
#1 Debts
Debt cannot be paid off without creating Islamic Wills or Trust. There is no other way to take care of your debt fulfillment except to create the best estate plan based on your situation. Regarding debts, not only the poor but wealthier may leave large debts due to large assets and complex investment portfolios. Apart from religious duty, inheritance obligation is crucial, so you may frequently hear the urgency from experts and attorneys.
#2 Escheat
Do not miss opportunities before your assets turn to Escheat or Unclaimed. Inheritance is your privilege, and most countries uphold inheritance rights by the constitution, with some exceptions. The primary reason for this is; you do not leave work for the government to look after your wishes and affairs. Islamic division of inheritance is a fair deal without doubt but it can be only achieved by creating the best estate plan to cope with social, and contemporary challenges.
#3 Expectations
Wealthier will have large assets, which is a great blessing, but it may turn the opposite if not handled properly regarding succession planning. The expectations (Holy Quran 4:11-14) for meeting Islamic inheritance division obligation are clear and visible to the blind eye. Also, being wealthier opens the door for a golden opportunity of investing for akhirah (i.e., hereafter) for continuous charity reward through Testamentary Bequest provisions. Making lifetime gifts through a Deed of Gifts or Hibah is another great opportunity that can be part and parcel of succession planning goals. Testamentary bequest and the Deed of Gift are among the strongest estate planning strategies no expert can deny.
#4 Time and Money
Managing succession is complex, especially when you have large assets, and it becomes more challenging when you own assets globally. But is it not difficult to spend years for education or setting up for business? Inheritance share under Muslim law (i.e., Shariah) can not take such a large portion of your life and cost to achieve that. However, it can take both time and money if not done or properly not done.
#5 Legal laws
You should note that nothing is automatic and cannot go as planned as you wish due to the complexity of legal laws. The estate plan can fail because most people rely solely on what they create without visualizing the outcome. Relying blindly upon can be as equal as nothing. Learning about Islamic share of inheritance will help you visualize who gets what. After knowing the outcome, you can discuss, debate, and optimize your final objectives. Islamic inheritance share can turn into complex calculations in different situations, and, in some cases, differences of opinion among Madhab which cannot be explained in the office but demands your time and dedication. Our course can help you bridge this gap, make you smart, and give you the ability to ask meaningful questions to experts during your estate planning discussion with experts or attorneys.
