“It is the duty of a Muslim who has something to which is to be given as a bequest not to have it for 2 nights without having his Will written down regarding it” hadith by al-bukhari and Muslim

One of the functions in planning and managing a person’s wealth distribution is to avoid assets from being remained frozen once a person passes on. Therefore, the managing and planning of wealth distribution is very important and it is an area of important knowledge for everyone to be aware of.

In Islamic Financial Planning,  there are various types of instruments that can be used and practiced in managing and planning, by following Shariah law and principles. As per Al-Quran and Hadith, wealth and estate transfer, estate distribution can be done via various financial instrument namely Wasiat, Hibah, Waqaf, Amanah and others.

To date, there are more than 90% of Muslim still have not done their Wasiat because of the lack of awareness on the importance of estate planning among the community. This statistic is provided by MAIS (Selangor Islamic Religious Council). Most of the time, many Muslims are still having the mis conception that Faraid is available to manage this matter. Some even five the reason of not having any assets to be distributed. This should not be the case because Wasiat is not about distribution assets only, rather, it is about appointing an official executor, appointing guardianship for children under age 18 and also importantly paying off debts and delivering last wishes to the Waris (heir) and family members.

Although having an Wasiat is Sunat (a favourable act), the law of having Wasiat can also change under the situations like :

1. Wajib (Mandatory) – Wasiat becomes Wajib when a person has a responsibility that must be fulfilled, especially in the form of zakat and pilgrimage. It will not be fulfilled if it is not mentioned anywhere. It also become wajib when a person hold the responsibilities as such he / she being entrusted a bank account, property, land etc to settle debts which have not be settled. Thus, by having a Wasiat document in place, the responsibility can be entrusted to another party / person to carry on.
2. Sunat  (Favourable) – Wasiat becomes Sunat if bequests (legacy) are given to non Faraid beneficiaries, who are in need. Non faraid beneficiaries are not entitled to the inheritance, but if they are in need of it, the situation becomes Sunat. This also include giving to the poor and needy, with the intention of doing deeds.
3. Harus (Neutral) – Wasiat becomes harus if the legacy are given to the rich either by relatives or any other parties with no particular purposes. If the legacy is made to do good and to foster relationships, then it would be favourable.
4. Makruh (Not Approved) – Wasiat becomes Makruh if the asset is bequeathed to the Fasiq (person who often commits sin). This become a concern that the asset will be used in incorrect manner to further commit sinful matters.
5. Haram (Forbidden) – Wasiat become Haram when a person bequeath something that is prohibited under the law or with the intention to harm the heirs.

As a conclusion, all Muslim should have a Wasiat document in place.

For more details, contact https://infowasap.wasap.my/