Saturday, March 28, 2020

Drafting Your Own Muslim's Will (Wasiat).


Since this post is for Muslims, I will only share how to draft a will based on my knowledge and experience preparing one. I went to a financial literacy workshop from, and he also taught me how to develop your own wasiat / will from Islamic guidelines. 

1. Your Personal Details

You should have your personal details in the first part of your will. Your name, identification number, telephone number and address should be included here. 

2. Your Trustee (Pemegang Amanah) Details

Your trustee (pemegang amanah) is the person that will handle your wealth. You must choose the most suitable person to hold the trust since he or she has the power to allocate your wealth to all of your beneficiaries after you passed away. However, the trustee may jeopardize your wealth if you do not choose him or her wisely. The details of this trustee should include his or her name, identification number, telephone number and address. 

3. Your Children's Caretaker Details

If you have children, it is crucial to find and include your children's caretaker. His / her name, identification number, telephone number and address should be included here. 

4. List of Your Beneficiaries

Your beneficiaries should be among your family members. The list of beneficiaries should include their names, identification numbers, their relationship with you, addresses and their telephone numbers. 

5. List of Your Assets. 

You should include all the details for your assets (such as amounts, etc.), where to find them and authority contact number that will be handling all your assets. Assets include your savings, investments, properties, insurances, and valuable items (electric gadgets, etc.). You should organize all the hard copies of the assets in an organized file. I will do another post with regards to this. 

6. List of Your Liabilities.

You should include all the loans (personal or with banks) details such as its amount, and how would the loan be settled here. 

7. List of Your Liabilities (Ibadah)

Another list you should do is the list of your liabilities (ibadah) if you are a Muslim. Debts such as fastings, nazar, zakah, hajj (a must) should be included here. You need to state the amount and how to settle these liabilities by your beneficiaries in the future. 

8. List of Other Receiver of Your Wealth (Non-Beneficiaries). 

If you want to give some of your wealth to other than your family, a will (wasiat) allows only 1/3 of your wealth to be given to others. If you want to include your friends, adopted child, wakaf authorities in this list, you need to provide explanation and details on how to contact them and how much of your wealth you want to give. 

9. Other Messages to Your Beneficiaries and Non-Beneficiaries. 

The last part of your will should include the messages you have for your wealth recipients. You may advise your trustee and beneficiaries in this part on how to handle your wealth efficiently, thus avoiding any arguments in your family. 

10. Signatures of You, and Two / Four Witness. 

In Islam, a will need to be signed by and other witnesses. These witnesses must not be among your beneficiaries. Two Muslims adult men are sufficient to be your witness for a will. If you cant find two Muslims men, four Muslims adult women witnesses are required for your will. 

P/s: I'm currently asking for a will service from Maybank Bhd. I will explain why I use the service and the process of applying it in my future post. 

No comments: