Your state laws govern ownership of real property, how property is inherited by your beneficiaries, different types of tax and estate considerations, and much more. These laws can be very complicated and most states still enforce laws that were enacted many years ago. Adding to the complexity are the various Islamic rules that affect how American Muslims should owner property.
There are three primary ways to own a home (or investment property) jointly as a married couple: (1) Joint Tenancy with Rights of Survivorship; (2) Joint Tenancy without Rights of Survivorship; and (3) Joint Ownership. Although there are countless considerations for how best to own property ranging from taxes, inheritance, liability protections, and transferability, this article mainly addresses the Islamic considerations of a married couple owning property by joint tenancy with rights of survivorship. For simplicity, we’ll refer to Joint Tenancy with Rights of Survivorship as “JTRS”.
Joint Tenancy by the Entirety. The Basics.
It is often difficult to think about one’s own death and consider how assets are to be distributed to the loved ones left behind. It can also be daunting to consider all of the tax implications of estate planning, contingency scenarios, state and federal laws governing probate, Islamic rules of inheritance, and financial planning for children, your spouse, and other family members. While there are several online solutions designed to make creating your Will easier, none provide a real solution to American Muslims. MyWassiyah is the solution.
MyWassiyah is a revolutionary product designed to be beautiful, easy and affordable to use. You can now create your estate planning documents in minutes. Our proprietary service walks you through our online interview with simple questions and comprehensive, easy to understand explanations. After completing the online interview, MyWassiyah creates your documents which are immediately available for you to print and sign. The entire process is easy to finish and costs as low as $100. Each document created by MyWassiyah is customized for your state’s laws and is fully personal to you and your family’s needs. Dr. Joseph Lombardo, Professor of Islamic studies at the American University of Sharjah and editor of Study Quran said that, “MyWassiyah.com makes it possible for every Muslim to fulfill this fundamental obligation towards God and their loved ones from the comfort of their own home at a very affordable price.”
Why you should care.
A Will not only ensures that you fulfill with your Islamic obligations mandated by Allah, but it also gives you the ability to care for your family in situations that are both, unexpected and unfortunate. One of the most important decisions you need to make when preparing your Will is the appointment of the guardian(s) for your minor children and the personal representatives tasked with administering your estate.
How do different states treat JTBE?
Although a basic power of attorney designation expires upon death or mental incapacity, a durable power of attorney survives mental incapacity. Many very difficult situations that arise due to a person’s mental incapacity can be resolved simply if a durable power of attorney was prepared. It is critical that the durable power of attorney be prepared early since it obviously cannot be prepared once a person lacks the mental capacity to make decisions on his or her behalf.