Islamic Legacy Planning

About Islamic Legacy Planning

What is Islamic Legacy Planning?

Islamic Legacy Planning refers to the process of preparing and arranging the distribution of one’s wealth and assets in a manner that aligns with a person’s wishes and values while taking into consideration Islamic guidelines.

Additionally, it involves imparting religious and ethical values to future generations, preserving family traditions, and promoting acts of charity and kindness. It also enables the creation of a positive impact on society and contributes to the well-being of the community through endowments and other philanthropic initiatives.

Understand what you can do to help your loved ones make arrangements according to your wishes when the time or need arises.

Start Planning Ahead

Planning ahead can provide peace of mind to your loved ones and help them to carry out your wishes when you are nearing the end of life.

Why plan ahead?

It is the duty of a Muslim who has something which is to be given as a bequest not to have it for two nights without having his will written down regarding it.
(Sahih Muslim)

Planning ahead can help you receive the care you want, and it can also make things easier for your family when you are nearing the end of life.

It involves thinking and talking about:

who can make decisions for you if you lose mental capacity
how you would want to be cared for at the end of life
who your beneficiaries are based on Faraid (Islamic Inheritance Law)
how you would want your assets to be managed after your death
how you want your assets to be part of your recurring charity (sadaqah jariyah)

Planning with tools such as Wasiat (Muslim Will), LPA or CPF Nomination can also save time, money, and ease the administrative and legal burdens on your loved ones.

Prepare financial and legal documents

To decide what happens to your money, property, and possessions after you have passed on, you can:

understand who your beneficiaries are under Faraid
write a Wasiat (Muslim will)
make a CPF nomination
make a make insurance nomination
decide on the ownership of your property
do charity through planned giving

To appoint one or more trusted individuals to help make decisions on your behalf in the event you lose mental capacity:

make a Lasting Power of Attorney

Consider healthcare preferences

You may have your own preferences when it comes to your future health and personal care.

Make an Advance Care Plan to record your healthcare wishes.

Make your plans accessible

Inform your loved ones of your plans and store the important information where they are easily accessed when needed.

Use My Legacy Vault to store details on:

your Wasiat (Muslim will)
CPF nomination
Lasting Power of Attorney (LPA)
Advance Care Plan (ACP)