Is it possible for a Muslim to make a will or must he or she rely completely on the mechanics of Faraid? Who has overall control over a Muslim's estate?
As a Muslim, the above questions are but some of the many possible scenarios or issues that may trouble us at some point in time. This is the essence of Islamic Estate Planning (IEP), which is to provide such assistance to those in need. IEP is seen as a noble service, helping Muslims become aware of their responsibilities to their families.
IEP can help you prepare the necessary documentation which will clarify the position of your existing assets, what is to be done with them upon your death or to see how your children is to be cared for or even ensuring that your non-Muslim family is taken care of and not just your Islamic brethren. At the very least, IEP may help foster better relationships between surviving family members.
If a person wishes to go beyond the realms of division according to Islam's holy scripture, customised but duly acceptable planning needs to be done. If one needs a stronger reason other than practical ones for IEP, the following reminder from the prophet ( peace and blessings be upon him) as recorded by At-Tirmithi might be compelling enough:
"A human being's feet will not depart from before his Lord on the day of Resurrection until he is questioned about five things:
1. His lifetime - how did he consume it?
2. His youth and body - how did he utilise them?
3. His wealth - how did he earn it?
4. His wealth - how did he spend it?
5. And what did he do in regard to what he knew?
Source : SmartInvestor Magazine, December 2005 by Jasmin Jamaluddin of As-Salihin Trustee Bhd
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