Among the important matters outlined in the Holy Quran is an inheritance that brought fundamental change to the Arab peninsula regarding women’s inheritance. It is a matter of great importance and commonly sought after by Muslims. Islamic inheritance law forms the foundation of Islamic estate planning. Various programs at various levels of education and at different ages are designed to raise awareness about the matter. You may consider checking out the exclusive programs designed by Wassiyyah Academy includes learning Islamic inheritance law and Islamic estate planning.
A checklist was developed to identify the most useful practices in Islamic estate planning. The list is made up of the following: determining the best time to execute the plan, updating the list of assets, appointing an executor, determining the cost of the plan, determining the right time to execute the plan, and ensuring the plan is implemented. It should also be noted that all good estate plans need to be reviewed periodically, but Islamic wills are no exception.
The best Islamic estate planning is based on the testator’s personal religion, family background, and objectives. In addition, the plan should be tailored to achieve tax-saving goals. A living trust is an advanced estate plan, as it can be structured to distribute property in a manner that complies with Islamic inheritance rules. You can change the Islamic estate plan because they are revocable until mental incapacity or death.
A study conducted in Malaysia examined the best practices for Islamic estate planning. It used an exploratory study and purposive sampling techniques. The researchers interviewed three Islamic estate planning providers, who then provided their thoughts on best practices. The study emphasized the importance of updating the list of assets.
Moreover, the study used the stratified sampling technique and the stratified demographics technique. In addition to the list, the study also employed a thematic analysis. The researchers compiled and analyzed data to identify the most important components of Islamic estate planning. They also conducted a validation study with experts from different backgrounds. They found that most respondents agreed on almost all themes.
The best Islamic estate plan is the one that meets the testator’s religious beliefs and objectives while providing a seamless wealth distribution process. A comprehensive plan should also include funeral and burial decisions. The best plan will also incorporate a “pour-over will,” which will be able to transfer assets into the trust when the testator dies.
The most important Islamic estate planning goal for Islamic Wills and Trust should be to reduce probate time and ensure the smooth distribution of wealth. The most important feature of the Islamic trust is that it remains private after the owner’s death. It will not be subject to third-party infringement. In addition, the plan’s heirs are expected to follow the Al Wasiyya, which entails the appointment of executors and guardians. Alternatively, a Wasiyya Bequest is also a good idea, enabling the estate to pass to the needy and charitable organizations. Additionally, Muslim estate planning is a religious obligation that cannot be ignored; otherwise, it may pose non-compliance.