ESTATE PLANNING

By ahmadafiq981115 | Updated: June 30, 2020, 10:36 p.m.

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ESTATE PLANNING

by AHMAD AFIQ

What is estate planning?

Estate planning is the process of disposing of an estate after one’s death
is money or property left by the deceased

ESTATE
Moveable asset

Immovable asset

Cash

Savings

Land
House and buildings

Insurance claims

Estate Planning is critically important at two times in your life:
• if you become incapacitated by an injury or disease
• when you die
OBJECTIVES:
To ensure the transfer of assets

Planning of incapacity

To lower tax payment

Helps in preparing a well designated Will
(who to receive and when)

Proper succession plan

What does an Estate Plan Include?
A will, which identifies who you want to:
• Receive each of your assets
• Be your children’s guardian
• Be an executor to oversee the estate plan process
A power of attorney, who:
• Makes financial decisions if you’re unable to
• Pays your bills, manages investments, and makes legal or business decisio
A medical power of attorney, who:
• Makes your medical decisions if you’re unable to
What does an Estate Plan Include?
A living will, which: •Documents your end-of-life preferences
Letter of intent, which:
•a letter left to the executor of your will that provides an overview of your wishes for your assets and your family after your death, as well as any details you want to relay for your funeral or burial.
A trust, which:
•Controls how and when your assets are distributed
•Reduces or eliminates estate taxes
When a person dies and leaves a Will, his/her estate will be administered as testate estate. With the will, the estate will be administered according to his/her wishes.

Will

Faraid
Will

What is Will?

A Will is a legal document which ensures that the Will writer’s(Testator) wishes are fulfilled after his death.
CONCEPT OF A WILL INVOLVES 3 PARTIES

Executor
Beneficaries
Testator
The person to administer and distribute the estate

The person who makes the Will. He/She must be at least 18 ears old and of sound mind

The person that will inherit the estate

Will can be revoked through:
A LATER WILL

CONVERSION TO ISLAM

DESTRUCTION
MARRIAGE
What is Faraid?

Faraidh is a science dealing with the law pertaining to the devotional acts based on the Syariah in respect of the wealth of a person after the certainty of his/her death or on the assumption of his/her death.
Order of sequence of Rights on the estate through Faraid:
1. To discharge all of his obligations
(Zakat,various kafarrah or penalties,Etc.)
5. Distribute the remaining estate among his heirs.
4. To execute his will after the settlement of step 1 to 3(not exceed 1/3 of his will)
3. To settle all of his debts to his fellow beings
2. To pay for his funeral expenses
RISK FACTORS INVOLVED

FAMILY CONFLICT

LOSS OF INHERITANCE

ESTATE TAXES

LIVING PROBATE

DEATH PROBATE

BENEFITS OF ESTATE PLANNING

Get property to loved ones quickly

Keep children out of child protective services

Make retirement easier

Save family from difficult conditions

Reduce Taxes

Minimize Expenses

THANK YOU !!!

ESTATE PLANNING

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