Islamic Wills

Islamic Wills

Islamic Estate Planning

Islamic Estate Planning

  • Pacific Wasiat Plan

     

  • A Wasiat (Will) is a declaration made by a person in writing during his lifetime with respect to the distribution of his estate upon death.

  • The assets of Muslims who die without a Wasiat shall be divided rigidly amongst their heirs in accordance with the Faraid, the Islamic law of inheritance.

  • A Muslim can will away to persons who will not benefit through Faraid distribution, for example, non-heirs, relatives blocked by Faraid, non-Muslim relatives, friends, neighbours or charitable organisations, subject to the 1/3 rule.

  • Heirs are specifically identified in Islam. A spouse, parents and legitimate children (provided they are Muslims) are never excluded from a deceased’s inheritance. Non-heirs in Islam include adopted children or parents; grandchildren; non-Muslim parents, nextofkin and children; as well as organisation such as charitiesand schools.

  • Muslims are encouraged to write a Wasiat.

 

From the Quran

“It is prescribed, when death approaches any of you, if he leaves any goods, that he makesa bequest to parents and next of kin, according to reasonable usage; this is due from the Allah-fearing.”

(Al Baqarah, 2:180)

From the Sunnah

“It is not permissible for any Muslim who has something to will to stay for two nights without having his last Will and testament written and kept ready with him.”

Translation of Bukhari’s version Volume 4, Book 51, Number 1

Pacific Hibah Plan

  • A Hibah (gift) is a gratuitous transfer of property to another person as an act of love, without any condition.

  • Once the property is transferred by the donor to the donee, the latter has full ownership of it.

Pacific Hibah Amanah Plan

  • Hibah Amanah is a contract of gift of asset(s) made by the donor during his lifetime for the benefit of Beneficiary(ies) without any consideration.The asset is entrusted to an appointed trustee to be held for the benefit of the Beneficiary(ies) for a certain period of time under a Hibah Deed.

  • Benefits of Hibah Amanah:

  • Effective immediately upon completion of Hibah

  • Not subjected to Faraid

  • Can appoint Trust Corporation with perpetual existence

  • The Settlor has the power to revoke the Hibah

  • Hibah properties are excluded from estate distribution

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