What happens if I pass away without a will?
When a person passes without a Will, or dies “Intestate” as the law calls it, the property of the deceased is distributed according to a formula fixed by law. In other words, if you do not have a Will, you do not have anything to base on as to how your estates are distributed.
An ” Estate” applies not just to real estate, but any cash in a bank accounts, cars, furniture, books, gratuity, death in service benefits, bonds, jewellery, family heirlooms, works of art… any property anything at all owned by you. Usually when an expatriate passes away, the bank accounts (Single & joint) are blocked immediately to freeze all transaction(s) on the accounts of the deceased. Unfreezing of the account (s) can only be carried out by the local Court. This process safeguard’s any payments that needs to be made after an expatriate has passed away such as outstanding loans and any debt payments.
Your registered “Last Will & Testament” is a document that details exactly what you would like to happen to your estate in the event of your death. The document can cover all aspects of your life, from physical assets such as property, investments or cash to Appointment of Guardians both Temporary & Permanent. In the absence of an attested Will, the local Laws will apply to the distribution of your estate which may not agree to your wishes and the Islamic Law!.
What will you Learn:
- Succession planning in Advance
- House Keeping Tips
- What is a Will and how to get it drafted
- What is a Power of Attorney
What will be covered:
- Why a will is drafted
- Will for Muslims and Non Muslims
- Differentiate between Will & POA
- Probation of Will
- Global Wills
- Will for Non Muslim
- Will for Muslim
- Hiba Agreements
- Sphere of power of Attorneys
- Will Vs POA
- Letter of Wishes
- Probation of the Will
|Will for Non Muslim||00:03:00|
|Will for Muslim||00:03:00|
|Sphere of power of Attorneys||00:02:00|
|Will Vs POA||00:02:00|
|Letter of Wishes||00:01:00|
|Probation of the Will||00:01:00|