Speaker: Rizwan Rashid (I Will Solicitors)
Date: Thu 15th July 2021
Time: 5:00pm – 6:00pm (Includes Q&As)
Video: https://youtu.be/6kqoApH6R_4
In this seminar, we welcomed Rizwan Rashid (www.iwillsolicitors.com) who provided us with a better understanding of why Islamic Wills and Estate Planning are essential for Muslims living in the Uk.
[05:30] The Fundamentals of Estate Administration
[05:50] Will or Intestacy
[09:10] Administration of the Estate
[15:47] Islamic Will
[16:40] Islamic Inheritance Rules
[18:02] Wasiyyah
[21:39] Prescribed Shares
[24:15] Tax Efficiency
[28:27] Tax Bill – Simple Islamic Will
[24:15] Tax Efficiency
Q&As
[35:28] How to balance Sharia inheritance rules with UK inheritance tax?
[37:30] What would happen to the inheritance if one doesn’t have an Islamic Will implemented?
[39:30] How long do you have to write a will and who has to be present?
[41:00] If the deceased has income and assets from other countries outside of the UK, will this be taxed in that country or with the UK rules?
[42:55] The letter of wishes has no legal standing. who are the beneficiaries of the Trust Fund?
[48:15] With the issue of gold and other types of jewellery, will this have to go in the will or can it simply just be gifted before death?
[49:33] By placing all the estate into a Trust Fund is that in line with Shariah, should the one-third rule not apply?
[50:38] At the point of death the legal owners automatically become owners of the estate of the deceased. From a Shariah perspective the trustees do not have the discretion to determine who gets what when.