The Holy Quran encourages every Muslim to make an Islamic Will as they approach death. In fact, it is so urgent that a Muslim who has anything to bequeath not to let two nights pass without including in his Will. (Sahih Al Bukhari, Chapter 1, Book 13, Number 3987)
Islam teaches Muslims to make a will for their family members, especially their parents and close relatives, so they will receive their estate according to Sharia inheritance rules. You can donate up to a third of your estate to the needy and an organization that supports Muslims in their time of need.
There is a misconception that Shariah-compliant Will is only compliant Islamically, but that is not true. It must be legally compliant as well. Otherwise, it is not valid. Unlike other wills, an Islamic will can be complicated and needs special considerations. For example, you cannot leave your entire estate to your surviving spouse. You'll also have a lot of restrictions on how to hold property together. You'll have to re-examine how you own properties with your spouse, which may increase your tax liability. So, you will need a tax-efficient Islamic Will to save your estate from tax consequences. For example, consider the spousal exemption and other related exemptions when creating an Islamic will to ensure you save taxes.
If you have children, appointing a guardian is vital to an Islamic will. Not only that it allows you to provide for your children if something happens to you, but it will ensure that they are raised according to Islamic values. Choosing a Muslim man to serve as a guardian is best, but you can also select a non-Muslim relative. In a family Will, the Wife is appointed as an executor and guardian for the Husband's Will and vice-versa.
The implications of not having a will because it's essential to have a legal document to protect your family and your faith. It's also important to remember that there are several penalties for not having the will to achieve successful salvation for Muslims.
A last will is a document to express your wishes about the distribution of your estate. If you do not write a will, the law of the land will decide who will inherit your property, and the distribution of estates may not follow your wishes.
A Will must be signed by the individual making it and witnessed by at least two witnesses. However, it is essential to consult an Islamic estate planning expert before drafting Islamic Will to ensure it meets Islamic as well as legal compliance.
Islamic Will may not cover your estates if they are jointly owned or beneficiary designated. So, you need a creative Islamic estate planning solution to tackle this; otherwise, creating Will would not be effective. For example, there are situations where a beneficiary designated will supersede an Islamic will.
Creating an Islamic will is a must for Muslims. Islamic inheritance rules are strict, and the survivors need a document to follow. Islamic estate planning is expensive - in some cases, thousands of dollars. The good news is that many online will-making services now make creating Sharia-compliant wills easy. You can consider using Wassiyyah, which offers an exclusive solution.
It is imperative to ensure the document is Sharia-compliant in addition to legal when making a will. According to Islamic law, two-thirds of an estate will be part of an inheritance that goes to Islamic heirs. The remaining one-third can be distributed to the needy or charities. In addition, the deceased may prefer to leave a portion of his estate to Sadaqah Jariya, a continuous charitable reward. This is done to gain rewards in the afterlife.
A Sharia-compliant will is a bespoke document designed to meet the needs of each family. It requires careful consideration of a person's assets, liabilities, and charities. In addition, it may include practical references such as Islamic burial requirements. Testators may specify where they wish to be buried and whether they want a funeral.
