Estate planning : creating trusts

السؤال

Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh, My father is purchasing a home and we are thinking to either record the home in either his name or in a trust but would like to choose something better and easier in regards to the Islamic inheritance rules. Is it better to put it in a trust and if so, how should we fill in the contingent beneficiary section so that it complies to the Islamic inheritance rules and the 6 % my father willed to give to three non-heir groups ? Our family is my father, mother, 3 boys and 3 girls. Also, does the 6 % need to be treated as debt, or should it be calculated along with the 1 / 8 wife and the rest of the children's shares ? Below is what I am thinking to write down, but I don't know if they will accept it. Also, we might not want to sell the home or if we do, we might have one inheritor purchase it. 2 % to MCC, 2 % to ICCI, 2 % to the needy individuals other than beneficiary surviving children. Out of the remaining 94 % if the wife of primary beneficiary survives, 12.5 % to wife (equivalent to 11.75 % of the total), and 87.5 % (82,25 of the total) to the surviving children of the primary beneficiary whereby the ratio of share of each son to share of each daughter is 2 to 1. If the wife of primary beneficiary does not survive, 2 % to MCC, 2 % to ICCI, 2 % to the needy individuals other than beneficiary surviving children and 94 % to the surviving children of the primary beneficiary whereby the ratio of share of each son to share of each daughter is 2 to 1. In both cases lf any of the children of the primary beneficiary dies before him, the children (if there are any) of this deceased child shall be given the share of their parent should she / he be then alive. Distribution to such grandchildren shall follow the same ratio of two shares to a male and one share to a female. Under all circumstances no step, foster, adopted or out of wedlock children shall be considered for any distribution. I and my parents filled out the attached will a couple of years ago, and then just recently, because I started becoming worried that the wills might not be valid in Illinois, I had a Muslim attorney review them and she said that they are valid. Throughout all of this, I came across your website, learned more about estate planning and noticed the living trust documents you have. My previous question was because I thought doing a land trust through a bank is convenient and a shortcut. We did however do the POA for health and real estate and I plan to use other forms from your web site. Considering it took I and my family some effort to fill these out and have the attorney review them just recently, is it necessary to redo and will and living trust using the blank documents on your web site ? Below is a note from my lawyer... "Probate is a court process whereby your executor has to follow certain administrative steps before making distributions to legatees according to your will. It's a bit of a cumbersome process, but if there are no disputes about your property then your executor would probably use "independent administration," which makes it less complicated and involves less court supervision. Unless you anticipate that the total value of your property after your death will be more than $ 2 million it's probably easiest to use the will that you already have. "Also, are there different opinions about whether grandchildren receive inheritance from their grandfather if the parent dies before the grandfather ? If a parent dies before the grandfather, according to http://www.islamicsoftware.org/irth/irth.html, children of daughters do not receive inheritance from their grandfather in all cases, and children of sons receive only if their grandfather leaves no sons. Also, do you take into consideration giving inheritance shares to parents ? In this case, my paternal grandparents are deceased. If there are opinions, I do not have enough knowledge to choose. What I am sometimes inclined to do is to follow what is recognized as the majority opinion.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2009-01-31

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
العلوم المالية و المحاسبية
الدراسات الإسلامية

الموضوعات

• الفقه الإسلامي
• الميراث
• الوصايا
• الثقة

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-729169

• APA
• MLA
• AMA