Smart Business SolutionsIslamic Estate Planning

AS MUSLIMS, WE SPEND OUR LIVES PROVIDING A HALAL INCOME FOR OUR FAMILIES. WE MAKE PLANS FOR EVERYTHING, BUT MOST OF US FORGET TO PLAN FOR THE ONE CERTAINTY OF LIFE: THAT WE WILL NOT LIVE FOREVER.
Islamic Estate Planning
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As a Muslim financial specialist and a loving family person, we know how important it is to have a proper Islamic estate plan to protect our loved ones. it is our duty and goal to provide Personalized Islamic Estate Planning services to Muslim clients in the U.S. Islamic Wills Trust Services provides estate plans and Islamic wills in accordance with the state, federal, and Islamic law of inheritance.

Personalized Islamic Estate Planning can accommodate Muslim clients to have customized tailored estate planning in accordance with the Islamic law of inheritance and state law.

Apart from custom-tailored solutions, it is equally important, if not more so, the provision for loved ones left behind in this world, for one should ever be mindful of the advice of the Prophet (PBUH), as narrated by Saad bin Abu Waqqas, that leaving everything to charity is not necessarily commendable in Islam.

“It is better for you,” said the Prophet, “to leave your inheritors wealthy than to leave them poor begging others, and whatever you spend for Allah’s sake will be considered a charitable deed even the handful of food you put in your wife’s mouth.”

We help and guide our customers to decide on a reasonable Islamic Estate Plan that fulfills the needs of Islamic Inheritance laws.

To create a personalized Islamic estate plan, being estate-planning practitioners, we listen to and understand the needs, values convictions, and religious beliefs of our clients with an aim to achieve Muslim clients’ unique goals. We at Islamic Wills Trust, understand the importance of the client’s beliefs and traditions and thus make sure to draft an Islamic estate plan in accordance.

The foundation of the Islamic law of inheritance

The economic philosophy of Islam is based on the concept of social justice. In order to meet its ideal of socioeconomic justice, Islam imposes social rights over personal wealth in the following major ways:

  1. It condemns the concentration of wealth in the hands of the few.
  2. It ensures the fair and equitable distribution of wealth through Zakat.
  3. It promises great rewards for giving to charity voluntarily.
  4. It gives control over and distribution of a maximum of 1/3 of wealth to individuals and charitable organizations through Wasiyyah.
  5. It legislates inheritance law for the distribution of wealth to heirs.

Islamic inheritance is a field of Fiqh (Islamic jurisprudence), a topic that is prominently dealt with in the Qur’an. It is often called Mirath, and its branch of Islamic law in technology is known as Ilm al-Faraid. It deals with the distribution of the estate of a deceased person among his/her heirs as commanded by ALLAH in the Qur’an, according to the Sunnah of the Prophet (peace be upon him) and the consensus of Companions and great scholars. Muslims must abide by this command in all circumstances. Since ALLAH has decided upon the rights of inheritance, we need no reasoning or explanation because, for a Muslim, it is sufficient to know that ALLAH has decreed it.

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Islamic Wills (Last Will & Testament)

A growing number of Muslims are beginning to realize that the distribution of their estate in accordance with Islamic law will be valid only if they leave an Islamic Will that complies both with the Islamic law of inheritance and state laws.

With an Islamic will, you can avoid unnecessary family disputes, making a will is far cheaper and can avoid a financial headache for your family. Generally, it takes a shorter time and reduced legal fees to settle an estate with a valid will. Your valid will prevent the law of intestacy and the court from assigning an executor to guard your minor children and deciding the distribution of your estate, the tight of disposing of your estate according to your own religious requirements can be exercised only by making a valid Islamic Will.

Writing an Islamic will also provide a secondary benefit to you and your family: an up-to-date record of your assets and debts for the calculation of your Zakat every year. It will be a great help later to your executor, who will need a list of your assets and liabilities.

An Islamic will that complies both with the Islamic law of inheritance and the state law will guarantee the distribution of our wealth as well as ensure that the custody of your minor children is given to the Muslim guardian appointed in your will.

A legal way to bind your will and provide guaranteed protections

  1. Protect Yourself

Your Islamic Will ensures your wealth is distributed in accordance with the Islamic law of inheritance. For that purpose, your trustworthy friend or relative who is appointed as the executor of our will can deal with and fulfill your last obligations.

  1. Protect your Family

Your Islamic will ensure your family receives their “legal Islamic share” according to the Islamic law of inheritance without the hassle or costs of the probate court deciding for you.

  1. Protect your children

Your Islamic will allow you to appoint a guardian for our children under 18 years of age. No one loves their children more than the parents, and if there is no valid will and last testament, the state probate court will decide who should care for minor children (it may be a non-Muslim guardian). You can choose a Muslim guardian for your children in your will and make sure they’re looked after by someone you trust.

  1. Protect your Obligations

Your Islamic Will includes provisions for the payment of debts and outstanding religious obligations such as unpaid Mahr (obligatory gift to wife), unpaid Zakat (compulsory charity), unperformed Hajj, Fidya (compensation for missed fasts in Ramadan), and Kuffarah (compensation for omitted acts of worship).

  1. Protect your future

Your Islamic will allow you to take up to 1/3 of your wealth for a bequest, investing it in Sadaqah Jariya, a charity that continues to be rewarded after death. The distribution of 1/3 of the estate is for those who are not entitled to any share, such as distant relatives, non-relatives, non-Muslims, and individuals and organizations engaged in charitable work.

  1. Living Trust

The revocable living trust is the best solution to comply with Islamic as well as state laws. The trust should be the beneficiary of all your assets. This will avoid the probate court. However, you must indicate in the trust documents that after your death, the assets shall be calculated and distributed as per the Islamic law of inheritance.

A trust is a common legal entity created to hold and manage assets on behalf of named

beneficiaries. The trust’s creator (called a grantor) may be the beneficiary, or the grantor may name

others to receive the assets. When a grantor puts assets into a trust, the trust—not the grantor—owns those

assets. This effectively removes them from the grantor’s estate.

Trusts are versatile. An individual can set up a trust during life (a living trust or inter vivos trust) or

through a will at death (a testamentary trust). Trusts can be revocable or irrevocable. They can meet

important needs when it comes to planning for minor children, spendthrift heirs, retirement, tax

minimization, or gifts to charity.

It is better for you, to leave your inheritors wealthy than to leave them poor begging others, and whatever you spend for ALLAH’s sake will be considered a charitable deed. “the Prophet (PBUH)

we specialize in helping you ensure that you protect those closest to you in the event of your death or incapacity, leave a legacy for your community, and make sure that your assets are transferred to your loved ones in accordance with the Islamic Inheritance Law of the Quran and the Sunnah. Our Islamic estate planning professionals can specifically assist you in answering the following questions:

  1. Who has the authority to make crucial medical and financial decisions for me if I travel away from my family and become sick or injured?
  2. If something happens to me and my spouse, who gets custody of my children?
  3. How can I make sure that I’m given a proper Islamic Janazah and burial when I pass away?
  4. After I die, what happens to all my assets? How do I ensure compliance with Islamic Inheritance Rules and provide for my family after death?
  5. The names of an executor or more for your will.
  6. The provisions for your Islamic funeral and burial specify things such as no cremation or casket, burial at a Muslim cemetery, and a prayer of Janaza at a mosque as soon as possible after your death.
  7. The guardianship of your children depends on which eligible members of your family are alive at the time of death.
  8. A provision that all your obligations, including the funeral expenses, will be paid out first.
  9. How your estate will be divided according to Islamic law, including the real estate.
  10. The legal status of your company or partnership after you pass away; and
  11. Your wishes to donate a part of your estate to an Islamic charity (as per Islamic law no more than one-third)

Everyone must have a plan for the estate, Specifically, Muslims living in the United States and they need one today. Procrastination too often leads to families struggling more than they need after a loved one has died.

If you have no estate plan, your property will be disposed of by the legal system after you pass.

Without the correct estate plan in place, your family can face a lengthy and costly court process as well as tax consequences. Therefore, your properties are highly unlikely to be treated according to your wishes.

Avoiding the default process by putting in place a custom estate plan. By setting up a personalized estate plan. Whatever the size of your estate or the complexity of your situation, you want an experienced expert in Estate Planning to be at your side. Walkthrough all the tough and relevant decisions and enable you to meet your family and legacy goals.

We need to understand your personal, family, and financial situation so that our attorneys can draft your custom will or estate plan. When you schedule your free consultation, you will receive our estate planning questionnaire. You will need to complete this questionnaire to the best of your ability and bring it with you to the consultation. This will allow us to give you more custom-made advice about what type of estate plan is best for you.

We will draft your will or estate plan. Throughout this phase, we will stay in close contact with you. Once we complete your estate plan in conjunction with our resident Islamic scholar, all you need to do is execute your custom will or estate plan.

Implement

Implementation is the first and most crucial step and it calls for a tremendous amount of work. the key skill sets in implementation are persistence and precision.

Deliver Results

The delivery of results is a critical point that sets the stage for follow-through, which will ensure that the goals and objectives of the affluent-physician client are in focus and being met.

Follow-Through

Follow-through is crucial because failing to do so will likely result in the affluent physician not being able to continually preserve his or her wealth continually.

Investment Plan

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From our strategic hubs in Maryland and Virginia, we fan out our exceptional services across the dynamic landscapes of New York, Texas, and West Virginia. Whether you're nestled in the Mid-Atlantic or beyond, our commitment to excellence reaches you.
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