You would have created your Islamic Will or Trust long time ago if you knew these five things
If you do not have your Islamic Will or Trust, do not plan to create one soon, or are undecided, do not miss these five chances. It will cost more than money.
#1 Constitutional rights
By the constitutional law of every world country, you have the right to fulfill the inheritance obligations. Irrespective of the majority of people who dwell in a specific faith, no country denies your right to fulfill your wishes about inheritance. If you do not have a Will means, you lose this chance.
#2 Intestacy rights
Every country has made an intestacy law which is not a bad thing to protect an inheritance. However, the intestacy law is usually created by looking universality, not specific to sects or faith. Most intestacy rights allow inheritance for spouse, children, parents, siblings, ascendants, and descendants. If you leave all biases aside, the Intestacy law includes the heirs, which resembles the Islamic Inheritance law. However, they differ in priorities, conditions, and exclusion rules. Nevertheless, they are made for the community's welfare, which works best for most people. Because their rules for determining differs from Islamic law, the final shares would be different drastically. Meaning your heirs would not receive inheritance similar to Islamic Inheritance law. You miss the opportunity to exercise your rights about inheritance.
#3 Testamentary bequest rights
You have full testamentary freedom in most countries (except in Muslim majority countries where Islamic law is applicable allow one-third of estate part of Testamentary freedom) that you can exercise your wishes about making bequests to the needy, charitable organization, or similar for the continuous charity reward. You miss this opportunity if you do not have a Will or Trust created.
#4 Protections in the absence or missing heirs
The estates' escheats (or Bona Vacantia) to the government or crown if no heirs were available or survived to take the inheritance. If you had a Will or Trust created, your estates would go to the charitable organizations as per your Will or Trust by providing default protections. Wassiyyah's estate plans have strong default protections to protect your estate before it becomes unclaimed or escheated.
#5 Fulfilling debt obligation
Paying off debt after death which is crucial every muslims (See Reasons to avoid debt in Islam). There is no best way to pay off debts other than creating Will or Trust. Your family members would become handicapped in the absence of paperwork, and they cannot help you either to pay off your debt. You cannot make them accountable for paying off debt because of no paper work. At a minimum, you can create estate plans that reflect your wishes so that inheritors can live with them which allow them to excercise rights and wishes for you. You give rights and freedom to your inheritors by creating estate plans before they become helpless.
Even though you had an opportunity, you did not take it to protect your wishes, inheritors, and, most important, your faith. That means you missed five chances.
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DISCLAIMER: Wassiyyah's blogs and articles are not intended to give legal, tax, or investment advice. You must consult an appropriate professional for advice.
