The Role of Religion in Estate Planning – An Islamic Spotlight
People often wonder how religion affects creation of an Estate Plan. With the spotlight on Islam, we, last week, explored key insights on the Quran’s guidelines as regards writing Wills.
This week, we explore questions that have risen from the discussions on Islam, Inheritance and Estate Planning.
You cannot have access to an inheritance until the grant of probate is obtained. A grant of probate refers to the legal document given at the probate registry validating the appointment of executors to the Estate to carry the instructions as contained in the Will.
When a Will is read at the probate registry, the nominated executors of the Estate have a duty to go through a process called the process of probate – that is confirmation of assets on the Estate.
When they obtain the grant of probate that legally vests on them the power to deal with the assets in that Estate, then the beneficiaries will be given the assets as outlined in the Will.
We recommend that you wait for your brother. It is important to have all the stakeholders consent to litigation processes.
In this case, it is possible the father died intestate. In that situation, you will need to obtain a letter of administration. If any of the family members tries to seek this letter of administration, other family members might fear the possibility of a bias, or undue influence from a faction of the family.
As expert practitioners, we recommend that you appoint an institutional Trustee to administer the Estate for fairness, objectivity and optimum value on the assets left behind by the Estate owner
Send additional questions that you may have, send an SMS to 07061331146. For professional advice regarding your particular situation, email fbnt@fbnquest.com.
FBN Trustees, a member of the reputed FBN Holdings Group, has a team of experts who are knowledgeable about the Quran and can offer guidelines in keeping with the Holy Book’s dictates. Our experts also have in-depth industry knowledge, local awareness and relevant experience, having helped develop wealth transfer plans for families over several decades.
Begin your wealth transfer plan today and afford your loved ones the opportunity to reach for success. Contact FBN Trustees to schedule a consultation.
