Wed, 01 Feb 2023

What are Islamic Will and Islamic Trust?

PRwire360
20 Jan 2023, 05:15 GMT+10

WHY DO YOU NEED ISLAMIC WILLS?
There are several strong reasons why every Muslim in the United States should have an Islamic Will.

FIRST REASON: PERFORM A REQUIRED ISLAMIC DUTY.
The Qur'an requires Muslims to write a will.
It is decreed for you: when death approaches any of you, and he is leaving wealth, to make a testament in favor of the parents and the closer relatives, fairly and correctly a duty upon the righteous ones. (Qur'an 2: 180)

There is a share for men and a share for women from what is left by parents and those nearest relatives, whether the property be small or large - a legal share. (Qur'an 4:7)

Therefore, every Muslim must include the shares indicated in these verses in their will.

Hadith: The Prophet Muhammad (peace be upon him) has also advised us to make a will. Abdullah bin 'Umar states that the Prophet (peace be upon him) said:
It is not permissible for any Muslim who has something to will, to sleep two consecutive nights without having his last will and testament written and kept ready with him. (sahih Al-Bukhari Book 55: Book of Wills and Testaments, 2738)

REASON NO. 2: THE RESULT OF A WRONG WILL
Prophet Muhammad (peace be upon him) said:

 A man May do good deeds for seventy years but if he acts unjustly when he leaves his last testament, the wickedness of his deed will be sealed upon him, and he will enter the fire. If, (on the other hand), a man acts wickedly for seventy years but is just in his last will and testament, the goodness of his deed will be sealed upon him, and he will enter the garden." (Abu Dawud, 17 Book of Wills, Chapter 3,2867)

REASON NO. 3: IT MAKES FINANCIAL SENSE
With an Islamic Will, you can prevent needless family disagreements, and writing a will is significantly less expensive and can save your family from financial problems. Settling an estate with a valid Islamic will typically take less time and incurs fewer legal fees.

REASON NO.4: PREVENT THE LAW OF INTEREST 
Your legitimate Islamic will forbids the law of intestate succession and the court from appointing an executor and guardian for your young children and determining the allocation of your estate. A legitimate Islamic will is required to exercise the right to dispose of one's estate in accordance with one's religious preferences.

Islam provides a comprehensive code for individual and collective human life. Fiqh-ul-mu'amalat, equally mandatory in Shari'ah, has received less attention from the Muslim community than Ibadat, even though Shari'ah requires both. Islam has offered such information for all forms of business and market transactions. Muslims have practiced it more individually and less on a state level throughout the years.

Muslim jurists have defined the aims of Shari'ah as safeguarding and protecting all human interests, including religion, life, intelligence, offspring, and property. Protecting property is one of the aims accorded the utmost importance, even though other objectives are important. The Shari'ah contains a comprehensive code of Halal and Haram (lawful and forbidden) that must be respected and practiced by the faithful. According to the Shari'ah, every Muslim must earn and obtain his livelihood through lawful methods, as unlawful income or property is forbidden. A Muslim's nobility depends on Halal earnings. The revenue must be gained by authorized economic activities, as one is not permitted to earn prohibited income or property by any means, nor is he permitted to spend much income on lawful, Shari'ah-approved activities.

Wills in Islam: Why You Need One? How is Islamic Inheritance Determined? What is the Islamic Law of Inheritance, Estate Planning, and Will Writing?

The MinaWill illustrates how Muslims in the United States should plan for their legacy. In this regard, a living trust is viewed as a succession plan made by Muslims to keep their beliefs alive in the event of death or incapacity.

The primary function of an Islamic will is to ensure that the estate is transferred to certain family members in accordance with Islamic law. In the broadest sense, an Islamic will assures that at least two-thirds of your assets are distributed as they are, with the remaining one-third determined by the Mawarith (timetable) of the Qur'an and required to act appropriately.

Once Islamic distribution is formed, there is no alternative to naming the trust as the primary beneficiary. Islamic distribution is outlined in a trust will that the state can follow. Still, it must also determine the division of the estate in accordance with the Mawarith (timetable) and Islamic law.

In a non-Islamic will, a person may leave all of his possessions to whoever he chooses, whereas there are no restrictions on how Muslims dispose of their assets. In an Islamic will that is in conformity with Sharia law and is a continuing relationship of trust, the testator wishes to instruct the chosen trustee on how to invest to avoid investments prohibited by the Quran. Islamic will differ in that there are particular restrictions regarding what a will must contain and who is entitled to what portion of the assets. For instance, if a third of a spouse's assets are finally left to his daughter, they can adhere to the conventional Islamic will rules.

MinaWill offers Islamic or Shari'a-compliant Islamic wills to their Muslim customers. Islamic inheritance or they may opt for regular English, will blatantly contradict Islamic inheritance regulations.

To ensure that an Islamic will is consistent with Shari'a and Islamic law, it must be meticulously drafted. Making a will can appear to be a massive effort, especially for Muslims who must comply with American law due to their religious beliefs.

This is due to the impossibility of calculating the portion of the Quran, although a well-drafted Islamic testament should never fail due to this uncertainty. The same laws as Islamic Trust law do not govern Islamic inheritance law (Faraidh).

To ensure that your debts are paid in accordance with Islamic law, you must have a specialist process and prepare your Islamic will. To ensure the validity of the Islamic Will or Islamic Trust and the legal standing of your assets and responsibilities, it must be thoroughly reviewed by experts with experience drafting Islamic wills.

Here at MinaWill, we can make drafting an Islamic will as straightforward as possible. To guarantee that the Islamic will is drafted in accordance with your beliefs, we can offer customized guidance based on the individual's circumstances.

We can assist you in managing your estate and establishing a foundation for the benefit of the person named in your Will or Trust. We can advise you on creating an Islamic will. By ensuring your will is legal, you can minimize inheritance tax payments and protect your estate from future claims under inheritance law. Minawill, ideally with experience writing living wills, including the Islamic Will and the Islamic Trust.

With the assistance of MinaWill, you can draught a will to ensure that your possessions are distributed among family members in accordance with the Quran. Islamic will consist of Sharia-compliant legal papers such as the Islamic Will and the Islamic Trust. If the will is to be considered genuine, it must be signed by two Muslim men at least 21 years old, unrelated to the receiver, and uninterested in his welfare. Sharia law recommends Muslim men picked by a Muslim man who, to our knowledge, does not know Sharia law, as they will assist you in making decisions regarding the administration of your estate.

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