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WASIAT

 

The first question that always triggers into our mind is that “Is there a need to write a Wasiat?” The Prophet is reported to have highly encouraged its adherents to write their Wasiat when they leave property for their heirs:

“It is not permissible for any Muslim who has something to Wasiat to stay for 2 nights without having his Wasiat written and kept ready with him”. (Extract from Sahih Al-Bukhari, Cap 55, Hadith I. Ibn Umar)

 

As you may be aware, the Islamic Law of inheritance sets prescribed limits but allows for the use of a written Wasiat as a flexible way of distributing one’s assets. A Wasiat therefore is a legally binding document which encapsulates your wishes.

A Wasiat is a declaration of one’s intention to bequeath up to one-third (1/3).

 

ADVANTAGES OF HAVING A WASIAT

  • Declaration of “Harta Sepencarian” (limited to a maximum of 50% of the total estate)

  • Cater for distribution up to 1/3 of the estate to non-faraid beneficiaries (Grandchildren, Adopted children,

  • Non-Muslim parents/children/family members or Charities)

  • With the consent of all your beneficiaries, you are allowed to devise gifts to specific beneficiaries in accordance to

  • your wishes

  • Ability to appoint preferred Executor and Trustee to manage and distribute the estate and Guardian to act as

  • caretaker for your minor or special child

  • Minimize legal formalities and expenses with efficient administration & distribution of assets upon demise

  • May instruct/leave messages to specific persons and be exempted from the requirement to provide Administration Bond

EXECUTORSHIP

It is essential for you to appoint an Executor in your Wasiat, who you trust can carry out your instructions/wishes as stipulated in the Wasiat. The Executor should be someone who is trustworthy and has the expertise and experience to handle the estate thus saving cost and time. The functions and duties of Executor are as follows:

  • Identify, secure and deal with all assets and liabilities of the deceased person

  • Obtain Grant of Probate from High Court, Sijil Faraid and endorsement on the list of “Harta Sepencarian” from the Syariah Court

  • Identifying and paying valid debts and claims against estate

  • File tax returns and deal with any legal issues that may arise and obtain consents (if required) and distribute the balance of the estate to the rightful heirs or beneficiaries

  • Hold estate on trust until the beneficiaries attain the age of entitlement or upon completion of certain events

 

   

 

 

It is not permissible
for a Muslim who
has something
to include in his Wasiat
to stay for 2 nights
without having his Wasiat
written and kept ready
with him

~ Sahih Al-Bukhari
Chapter 55
Hadith I. Ibn Umar ~



Why appoint a company
as Executor and Trustee:

Reason #1
Duly Authorised
Trust Company

Reason #2
Comprehensive
& Specialised

Reason #3
Confidentiality

Reason #4
Accountability
& Impartiality

Reason #5
Experience

Reason #6
Accessibility
& Continuity

Reason #7
Full Range Services



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