Wills, Estates and Trusts

Develop A Plan and Strategy

what is a shariah will?

A Shariah Will is a legal document created in line with the Islamic Law of Inheritance, which is outlined in the Qur’an and establishes how a Muslim’s inheritance shall be divided upon death.

Is a will compulsory in Islam?

Islamic Wills, Estates, and Trusts are guided by Shariah law (Islamic Law) of inheritance and regulations that are an essential component. Muslims must have a last will and testament to ensure that their estate is distributed in accordance with Shariah Law.

In South Africa, as in other countries, the country’s law and consequences thereof should also be considered when drafting a will, estate plan, or trust.

What is better, Trust or Will?

A living trust becomes active once it is established and funded. Other types of trusts can be established. A trust can protect you and manage your assets in the event of your incapacitation.

A will takes effect after your death.

Estate Planning

6 Steps – Successful Estate Plan

1: Define your Estate Goals. What do want to happen?

2: Gather and Organize your Financial Data. Gather your documents.

3: Analyze & Discuss.

4: Develop your Estate Strategies.

5: Implement your Estate Plan.

6: Track & Monitor your Progress.

Philanthropy

Public Waqf (Islamic Charitable Trust)

A Waqf is a voluntary, permanent, irrevocable dedication of a thing or part of wealth – in cash or kind – to Allah.

Once a waqf is created, ownership of the corpus of the waqf belongs to Allah and will never be gifted, inherited, or sold.

Waqfs for schools and mosques and hospitals are standard.

Your Wealth. Your Business. Your Family. The Shariah Compliant Way.

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Understand your options

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Banking and lending can be hard to understand.

Having to include Shariah compliance adds an extra layer of complexity.

Islamic banking and finance are readily available and can meet almost all your needs.

Have all your questions answered with MuslimFin.com

MuslimFin.com is an educational and informational website. MuslimFim.com is not intended to be used for banking, fiduciary, investment, or financial advice. Please consult your advisors before making a decision.