FAQ (Retrieved from Islamic Will Writers - UK and Shariah Compliant Wills)
http://www.islamicwillwriters.com/why-make-islamic-will.php What is the difference between an Islamic Will and a normal Will? Legally, there is not much difference as both are valid in England and Wales. Practically, the difference lies in how your wealth is to be distributed and who your heirs are. In an Islamic Will your wealth is distributed in accordance with the Qur’an and Sunnah to your closest relatives. In a normal Will you choose your heirs and how your wealth is to be distributed. Therefore, it is important that the person drafting your Islamic Will is well versed in the intricacies of Islamic laws of inheritance. Who should make an Islamic Will? Any Muslim of 18 years or over can make a Will as long as you are of sound mind and knowledge – in other words you understand what you are doing and why. What is the Islamic law of inheritance? The Qu’ran outlines the Islamic laws of inheritance. The basic principles can be summarised as follows:-
Which school of thought do you follow? The Islamic law of inheritance is outlined in Surah An-Nisa of the Qur’an. As long as there is a male heir, namely father, son or full brother, then there are no differences of opinion between the four main schools of thought. Therefore our Wills, insha’Allah, are acceptable to the majority of Muslims. However, if you have no living male heirs then please contact us to discuss the options available to you. What should I do before making my Will? It is important to consider and decide on the following before making your Will: Who to appoint as your Executor(s). Executors are persons appointed by you to effectively be your representatives after death. It is important to appoint trustworthy and reliable individuals as they will be responsible for administering your estate and carrying out the provisions of your Will. This typically involves valuing your estate, paying out any debts, expenses and tax, dealing with the probate courts and ultimately distributing your wealth in accordance with your Will. Who to appoint as your Guardian(s). If you have young children you should appoint Guardians in the event that both parents die before they reach the age of 18. You should choose a couple who you trust and who can offer the best care for your children and are able to give them Islamic teachings you approve of. It is particularly significant if you have non-Muslim relatives and want your children to be raised as Muslims. Any gifts or charitable donations you would like to make. You can leave up to a maximum of 1/3rd of your estate to those not entitled to a Qu’ranic share. It is very important to note that The Inheritance (Provisions for family and Dependants) Act 1975 enables certain people to make a claim for a provision out of your estate after your death. Therefore, you should consider making a gift to people who are financially dependent upon you but are not automatically entitled to a share according to the Qu’ran. For example, illegitimate, step and adopted children have the same rights of inheritance under English law but not under Islamic law. They would be entitled to make a claim should no provision be made for them. What is my estate made up of? Broadly speaking this is everything you own at the time of your death, minus your debts. Everything you own includes your property, cars, jewellery and other personal valuables, paintings, stocks/shares, bank accounts, insurance policies, businesses interests and pensions. Your debts include funeral and burial expenses, any tax and any ‘obligations to Allah’ such as zakat, mahr (bridal money) and kafarah. If you own property jointly, for example with your spouse, your share in that property will form part of your estate. Under Islamic inheritance laws your share will be distributed amongst your closest relatives. Likewise if you own businesses jointly with others then your share will form part of your estate. Do I need to value my estate? You don’t need to professionally value your estate for the purpose of writing your Will as it is likely to change from now until the time of your death. A rough estimation will suffice for the purpose of writing your Will and will give you an idea of the value of your estate and how your family could benefit. It will enable you to make decisions about how much to leave as gifts and whether you need to take any measures to reduce Inheritance Tax if your estate is worth more £312,000. What is Inheritance Tax? Inheritance Tax is payable if your estate is worth more than £312,000 (2008-2009 tax year). It is charged at a staggering 40% and could leave your loved ones with a hefty tax bill after you have passed away! So it makes sense to start thinking about tax planning to minimise the tax as much as possible. Inheritance Tax Planning will help you to ensure that when you die everything you own goes where you want it to and very little, if anything, goes to the tax man. This could help you provide a sound financial future for your family. At Islamic Will Writers we have Chartered Tax Advisers who can advise on all tax planning routes. If you would like to consider these options please contact us. What happens to property I own jointly with my spouse? Under English and Welsh laws properties owned jointly are held in two ways;-
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