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A Lawyer's Guide to Estate Planning
This book provides a helpful introduction to the basics of estate planning.It is written with an eye toward the needs of general practitioners and those who are seeking to develop a specialty in the estate-planning field.
eBook
Illegitimate Child Inheritance: An Analysis from Syariah Perspective
An illegitimate child is born outside of legal marriage by both parents, as a result of adultery The implication is that their rights in the Islamic law are hindered, such as inheritance from their biological father. However, is it the child's right to be categorically denied from receiving his biological father's estate? What is the alternative in syarak, in caring for their we fare? This study will analyze the ruling of illegitimate child inheritance from a syariah perspective, and thus propose some solutions to the problem. This study applied a qualitative approach using the library research method. The findings were obtained from articles, cases from the Syariah Court, acts, enactments, and analysis of fatwas in Malaysia. To achieve this objective, interviews were also conducted with a takaful consultant and an executive from the Amanah Raya Berhad (ARB). This study found that the instruments of hibah takaful, will, trust or testamentary trust can be implemented in Islamic estate planning to safeguard the we fare of an illegitimate child.
Journal Article
Analysis of trust instrument in Islamic estate planning: a study case at Amanah Raya Berhad, Malaysia
Purpose
This study aims to analyse the mechanism of trust instrument from a Shariah point of view. Analysis of the mechanism would determine the extent to which its implementation can resolve estate planning issues such as frozen estate and the issue of naming beneficiaries under the age of 18.
Design/methodology/approach
This is a qualitative study method through library research. To explore the mechanism of trust instrument, an in-depth interview with five participants using purposive sampling and analyses of documents were used. The selection of this sample allows the researcher to obtain specific data in their field of expertise. Therefore, two officers from the Trust Administration Department of Amanah Raya Berhad (ARB) and three Shariah advisors from ARB (MPS ARB) were interviewed to find out the mechanism of trust instrument from the Shariah perspective. The researcher also referred to the trust deed documents, ARB company policies, field case studies such nomination cases and trust accounts, articles and court cases.
Findings
The trust instrument meets Shariah requirements even though it is based entirely on the Civil Law. The comprehensive and flexible features of trust deeds can help donors to plan systematically during their lifetime.
Research limitations/implications
This study only focuses on the trust instruments that are currently being implemented in the ARB. Five trust products were analysed to achieve the objectives of the study, namely, the Normal Trust, Safecare and Safecare Premium, Takaful Care, Hibah (literally “gift”) as well as Trust and Declaration of Hibah.
Practical implications
The implementation of trust instrument at an early stage can ensure the property is well managed through a trust deed, guarantee the life of the beloved heirs after the death of the donor and prevent the property from being frozen.
Originality/value
This study comprehensively describes the trust instrument from the Shariah perspective and its implementation mechanism in the industry.
Journal Article
Preparing for the back nine of life : a boomer's guide to getting retirement ready
This book, written by a registered financial consultant, is aimed at the soon-to-be retiree and covers a variety of topics on planning for retirement.
Book
Investigating the level and determinants of hibah knowledge: a study among Muslims in Kedah, Malaysia
Purpose
This paper aims to explore the level of hibah knowledge among Muslims in Kedah and investigate its determinants, consisting of education level, education stream, religiosity, social influence and social media.
Design/methodology/approach
This study is quantitative in nature. Questionnaires were distributed to collect data from Muslims in Alor Setar, Kedah. In total, 195 questionnaires were collected and data were analyzed using descriptive analysis, correlation analysis and multiple regression analysis.
Findings
The study finds that Muslims in Alor Setar, Kedah have good knowledge of hibah. Further, education stream, religiosity, social influence and social media were identified as significant factors that influence their knowledge of hibah.
Research limitations/implications
The first limitation is its narrow focus in surveying Muslims only in Alor Setar, Kedah. The second limitation is the limited number of determinants used in investigating hibah knowledge among Muslims and the techniques used in analyzing the data. Despite these limitations, the study’s findings provide invaluable insights into the factors influencing hibah knowledge among Muslims in Alor Setar, Kedah.
Practical implications
This study provides insights regarding the significant personal factors and environmental factors to increase Muslims’ knowledge of hibah. The link between the Islamic education stream and hibah knowledge provides a clear indication that Islamic education can curb the economic problems caused by the substantial amounts of frozen and unclaimed assets in Malaysia. A significant relationship between the environmental factors (social influence and social media) and hibah knowledge also implies that the government and private agencies related to Islamic estate planning and management may use these significant determinants as part of the marketing strategy to increase the usage of hibah as an alternative tool for estate planning.
Originality/value
This study contributes to a better understanding of Muslims’ knowledge about hibah. The government and related agencies in Islamic estate planning and management can now gain better insights into Muslims’ level of knowledge about hibah and the factors influencing their knowledge of hibah as an effective tool for Islamic estate planning and management. Hence, more effective strategies can be recommended to enhance the knowledge of Muslims on hibah. The findings of this study should be of value to the government in its effort to address the increasing number of frozen estates in Malaysia.
Journal Article
Complete family wealth
\"Complete Family Wealth is a comprehensive resource for growing, maintaining, and managing wealth across generations. A successor to the classic Family Wealth, now in its 20th year, this book provides updated and expanded guidance to change the way you think about your wealth and legacy. This team of expert authors--who brought the field not only Family Wealth but also Family the Compact, The Cycle of the Gift, The Voice of the Rising Generation, and Family Trusts--ground Complete Family Wealth in a clear account of the \"five capitals\": human, intellectual, social, spiritual, and financial. The discussion covers the \"what,\" \"who,\" and \"how\" of family wealth management in clearly-delineated chapters that allow you to dip in as needed, from the principles of family enterprise to family governance, philanthropy, and more. Each family member plays a distinct role, and by exploring each member's responsibilities in terms of the family enterprise, this book provides insights and ideas for real-world families struggling with all-too-common challenges\"--Provided by publisher.
Book
Estate planning behaviour: A systematic literature review
Estate planning is a financial tool for an individual to manage wealth upon his incapacitation or death. Although there are numerous studies on estate planning, there still needs to be an effort to systematically review the estate planning measurements. The paper aims to systematically review the literature published between 1990 to 2021 and evaluate the measures of estate planning and its methodological qualities. The systematic literature review process was guided by the PRISMA protocol, where the articles were selected based on established databases such as WOS, SCOPUS, and Google Scholar. The final sample of 24 articles was reviewed for the estate planning measurement, and it was found that previous studies examined estate planning as a tool for financial, wealth distribution, and succession planning. The measurements of only 10 studies were found to be sufficiently validated, rendering other studies under review to be inadequate in establishing sound empirical conclusions. This review contributes to assisting future researchers in choosing well-validated measurements of estate planning and adapting them accordingly to each context.
Journal Article