The importance of having a Will
It’s something that none of us want to think about: what will happen to my money, my property or my treasured possessions when I die? But if we don’t make that decision now, someone else will have to after our death when we’re not here to make our wishes known.
The importance of will making, has been mentioned in Quran and Sunnah. For example: “It is not permissible for any Muslim who has something to will to stay for two nights without having his last will and testament written and kept ready with him” (Sahih al-Bukhari 2738, Book 55, Hadith 1).
Have you considered the following?
It’s never too early to write a will.
According to research, one of the primary reasons people give for not writing a will is that they “just never got around to it’. But if you have assets, such as a house, a business or savings, it’s a good idea to prepare a will now to ensure that your loved ones are protected.
A will can help avoid potential family disputes.
A will removes any uncertainty about who you want your estate or money to go to. Not making a will could potentially cause months – or even years – of problems for those left behind.
A will ensures that your wishes are respected.
If you die without leaving a will, or ‘intestate’, your wealth will be distributed in accordance with the English rules on intestacy. You can find out what this means on the Citizen’s Advice website here
You must make sure your will is current.
The Government advises that you update your will every five years and after any major change such as getting married (which cancels any previous will) or moving to a new house.
For those of the Muslim faith there are particular issues relating to constructing a will and dealing with tax issues after death. In order to get these matters resolved in an efficient, Sharia compliant manner, Al Rayan Bank has joined forces with an IFA to provide an Islamic wills and inheritance tax advisory service.
This service will provide peace of mind and the confidence that when it's no longer in your hands, your estate will be handled as you wish, in line with your faith. For more information about the Tax and will referral scheme which we offer, or to book an appointment, call us on 0808 252 5589.
INHERITANCE TAX PLANNING IS A COMPLICATED AREA AND YOU SHOULD SEEK ADVICE FROM AN INDEPENDENT FINANCIAL ADVISER (IFA) BEFORE YOU TAKE ANY ACTION