The Quran has strict guidelines on the distribution of an individual’s assets upon their passing.
Every adult Muslim with reasoning ability has the legal capacity and responsibility to make a Will. The testator (male) or testatrix (female) must have the ability to dispose whatever he or she intends to bequest in the Will.
Known as Al-Wasiyya, the Islamic Will and its structure are obtained under the Nigerian common law to the extent that a Will is a document that comes into operation upon the death of the writer of the Will and executed after payment of funeral expenses and outstanding debts.
There is no one who doesn’t really have anything to bequest. A lot of people feel that they do not have so much, but when they take inventory of their assets, they often realise the volume of their wealth.
Handling the Will of a deceased Muslim faithful
When a Muslim who has a Will passes away, the following duties are carried out:
The responsibilities of an executor of a Will are enormous and complex. Hence, we recommend that individuals appoint institutions like FBN Trustees to seamlessly execute these responsibilities in order to preserve their legacy.
Most Muslims desire Estate Planning arrangements that enable them perpetuate their charitable legacies. In this case, an institutional Trustee can help with setting up a comprehensive Trust to ensure that all stated wealth transfer desires are duly executed.
FBN Trustees, a member of the reputed FBN Holdings Group, has a team of experts who are knowledgeable about the Quran and can offer expert guidelines in keeping with the Holy Book’s dictates in development of you Estate Plan. Our experts also have in-depth industry knowledge, local awareness and relevant experience, having helped develop wealth transfer plans for families over several decades.
Preserve your legacy – begin your wealth transfer plan today and afford your loved ones the opportunity to reach for success. Contact FBN Trustees to schedule a consultation.
