What is Estate Planning?

Estate planning is the act of planning your estate, i.e. what happens to your property after you die and who cares for your loved ones. With an estate plan, you get to say who gets what, when they get it, and who should look after the ones you care for when you are gone.

Having a will is part of an estate plan, but it is not the only part. Don’t think about estate planning as just having a will or a trust in place. Instead, think of it as an overall strategy for fulfilling our duty as Muslims to care for our loved ones after death. You want to do two things with an estate plan: reduce or eliminate tax liability and reduce mismanagement of your estate after your death.

“No one that has anything that can be inherited should sleep for two nights without a will in his possession.” Prophet Muhammad (Bukhari)

Because of this obligation and because people know I specialize in financial issues for Muslims, one of the main questions I constantly get is “How do I get an Islamic Will?”

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