Sharia a compliant wills, estate planning and administration

Transcription

1 Sharia a compliant wills, estate planning and administration

2 Introduction Druces snapshot We are delighted to introduce our capability with respect to advising on Sharia a compliant wills. Firm established in 1767 Office in the City of London This document covers: International networks Sharia a compliant wills and their benefits Estate planning and administration Our firm Partner-led 19 partners Private wealth, trusts and tax Our private client practice Key contact Strong banking practice including trade finance, sharia a We would, of course, be very happy to discuss further anything you read in this document and if you have questions please don t hesitate to contact us (see key contact later in this document). Heavyweight property team focusing on commercial property and syndicated property investment Experienced commercial litigation practice Corporate and commercial

3 Sharia a compliant wills, estate planning and administration Protection and transfer of family wealth in accordance with Sharia a succession rules Under the general principles of Sharia a, it is imperative for a Muslim with any degree of wealth to write a will. In addition, in order to fulfil their religious obligation, it is important for Muslims to execute a will which complies with the Sharia a rules of distribution. We can prepare your will to comply with the fixed principles of distribution to your family members which are prescribed by the Quran. We can also advise you on suitable charities within the charitable sector to which you may wish to bequeath the remaining freely disposable one third of your estate for Sadaqa Jaria purposes. A carefully drafted Will is the only way to ensure that your estate will pass in accordance with the rules of Sharia a Law. In the UK if you die without leaving a will you are deemed to have died intestate and so your wealth will be distributed in accordance with the English rules on intestacy. These rules differ vastly from those stipulated under Sharia a Law. Accordingly if you do not make a will, your estate could pass to individuals who might not have benefited had the principles of Sharia a Law applied. Peace of mind A will enables you to: appoint an executor you trust to administer your estate on your death and to ensure that it passes in accordance with your wishes and in accordance with Islamic Law; appoint a guardian to look after any children who are under the age of 18; set out your desired funeral and burial arrangements. Wealth structuring to comply with Sharia a law We can also advise you on the following: Estate planning and personal tax We advise on all aspects of personal taxation including the UK inheritance tax rules and the steps you may take to mitigate your liability; tax residence and domicile planning, pre-immigration tax and wealth planning; emigration planning and how to make Sharia a-compliant lifetime gifts. Philanthropy and charitable giving We understand that philanthropy is important for Muslim families and Sharia a issues will shape any philanthropic structure for example: meeting zakah obligations; establishing charitable foundations; or establishing an Islamic Waqf, to establish Sadaqa Jariya. Administration of an estate We deal with all aspects of probate and estate administration on death and can advise personal representatives, trustees and heirs. Disputes We advise on how to handle claims by deprived heirs and the steps you can take to mitigate any claims which may arise.

4 Our firm Druces LLP (known as Druces & Attlee prior to conversion to an LLP) is a respected name in the City and was established in We provide high-value expertise in the specialist areas of business and private wealth law. Typically we act on deals and disputes in the millions/tens of millions bracket, handled by people who know exactly what is involved in advising on such matters. Our core client base includes investors and entrepreneurs, banks, other significant businesses, charities and the independently wealthy. The firm has a strong industry focus on banking & finance, property, care, fashion, retail and charities and has strong international links. We were the founder members of the Alliance of Business Lawyers, a worldwide network of law firms enabling us to provide a seamless cross-border service for our clients. Our private client practice We are a cost effective choice for private client advice relating to tax and estate planning, intestacy and probates (contentious and non contentious). Clients include entrepreneurs and City individuals, including fund managers and other finance individuals. Features of our practice Our practice is notable in a number of key regards: High profile and good quality client roster we act on behalf of numerous extremely wealthy individuals on a highly confidential basis. In contentious situations, our pro-mediation approach encourages low-profile outcomes for those high-profile clients. International a number of our clients are based in various jurisdictions, including the UAE. Other parties or trusts are also commonly based abroad, and there has been a recent increase in cross-border trusts work and matters with a UK property consideration. Members of our team are fluent in a number of languages including Italian and German. Cost we are often instructed by clients who have moved from larger private client firms to Druces, in search of a firm that is dedicated to their level of wealth and which is more responsive than some of our legal peers. Our services Our firm advises across the full range of private client/private wealth matters. Those services include: Capacity and court of protection matters Contentious probate and trusts (including dealing with challenges to wills and all other disputes relating to probate and trust matters) Estate planning Family office services for HNWs (including dealing with all personal, property, commercial, corporate, immigration and employment matters) International services for private clients Powers of attorney

5 Probate and administration of estates Taxation issues (personal, property and corporate) Trusts and estate accounts management Wills Key contact Sharia a law can be complex and therefore individuals must ensure that they instruct trained experts within the field. Our key contact in this field, Sarah Sarwar, understands the Sharia a legal system and has extensive experience in drafting Sharia a compliant wills. Sarah Sarwar, associate, private client T: E: s.sarwar@druces.com Sarah has extensive experience in assisting individuals and families with their private client requirements. Her clients include multi-jurisdictional individuals, families, trustees and beneficiaries, predominantly of high net worth and/or with business interests, residence and domicile considerations or other complexities. Sarah deals with all aspects of private client work, including drafting complex Sharia a wills; inheritance tax and succession planning; trust advice and administration; probate administration; and preparation and administration of powers of attorney. Sarah is a full member of the Society of Trust & Estate Practitioners (STEP), a worldwide recognised professional body admitting only the most experienced practitioners in the field of trusts and estates. She is also an elected Committee Member of the London Central Branch.