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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
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