Let’s Know the Division to Legacy Wealth Management Simulation

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Inheritance is the entire inheritance wealth given to the family or heirs when a person dies. This interaction on the heirs is determined based on the interaction of marriage, relatives, relatives, and blood. Abandoned inheritance can be both movable and immovable assets. For that we must know what is legacy wealth management? So that in the future we can arrange it in such a way.

Movable assets within the estate are vehicles, jewelry, securities, and savings. At that time, immovable assets included buildings and land. However, inheritance is not only all wealth left behind.

Let’s Know the Division to Inheritance Wealth Management Simulation

Because, it could be that the deceased person still has unpaid debts. Of course, the heirs are the ones responsible for paying off all these debts. Therefore, with the legacy wealth management, it will be arranged by the family.

There is no certain decision that mentions the timing of the division of inheritance. However, it is better for the inheritance to be shared immediately and not postponed for mutual comfort and to avoid disputes and conflicts between families in the future era. It is also good for the family to discuss the timing of the division of inheritance.

Terms of Division of Inheritance Property

Based on Islamic provisions, there are four conditions that must be considered in the division of inheritance, namely:

  • The death of the heir must be proven correctly and there are witnesses until it is further informed that he has died by a trustworthy party. For example, if you die in a hospital, news of death must be conveyed by medical personnel.
  • The heir must be someone who is still alive, even in a dying atmosphere.
  • It should be on the conscious interaction between the heir and the heir. This interaction can be through the freedom of a servant or slave, marriage, and nasab.
  • There is a real reason that establishes the heirs are indeed entitled to inherited property.

Division of Heritage Property According to Islam

In Islamic law, the division of inherited property has been determined by realizing, both the amount obtained and who is entitled to the property. As for the division, it is as follows.

1.     Half the Inheritance

  • Daughter.
  • The granddaughter who is rice from the biological son.
  • Siblings from both parents are the same.
  • Paternal siblings.
  • A childless husband.

2.     A Quarter of the Estate

  • A husband who has children or grandchildren of a son.
  • A wife who has no children or grandchildren of sons.

3.     One-Eighth of the Inheritance

  • A wife who has children and grandchildren of sons.
  • 4 One-thirds of Inheritance
  • A mother who has no children.
  • A sister with a single mother, two or more people.

4.     Two-thirds of Inheritance

  • Daughter.
  • Granddaughter of a son.
  • Siblings who come from the same parents.
  • One father’s sister.

5.     One-sixth of the Inheritance

  • Mothers who have children or grandchildren of sons.
  • Grandmother.
  • One father’s biological sister.
  • Siblings from the same parents.
  • Grandfather.

According to Islam, the division of inherited property is based on faraidh’s field of knowledge. It is through this field of knowledge that the inheritance is divided very carefully, meticulously, and fairly.

  • Simulation of Inheritance Calculations
  • In the end, a simulation of how to calculate inheritance is as follows

A family consists of father, mother, son, and grandmother. When the father passed away, how to calculate his inheritance?

For example, the number 24 is used as a denominator, the division of the inheritance into:

  • The wife will get 1/8 of 24, which is 3 parts.
  • Grandma will get 1/6 of 24, which is 4 parts.
  • The boys will get the rest, which is 17 parts.

For example, the property left by my father is a sum of Rp. 150 million. Then, divide it by the number 24, so that the result is found, which is IDR 6,250,000.00. The simulation of inheritance division can be calculated as follows:

  • The wife will get 3 x IDR 6,250,000.00 = IDR 18,750,000.00.
  • Mom will get 4 x IDR 6,250,000.00 = IDR 25,000,000.00.
  • Boys will get 17 x IDR 6,250,000.00 = IDR 106,250,000.00
  • The amount of the father’s inheritance distributed was IDR 150,000,000.00 (Divided thoroughly).

Based on Islamic inheritance law, the party trusted to divide the inheritance is a person who is well aware of the knowledge of faraidh. However, the calculation of the division of inheritance can also be done by religious figures who have an understanding of the calculation of heirs and have won the trust of all heirs.

This must be Considered in Preparing a Legacy

You must be diligent in checking your assets in financial forums, both banks, investment managers, insurance companies, heirs’ columns on deposits, mutual funds, to insurance. This is to ensure the clarity of the news regarding the retained property, including the mention of the heirs listed.

Financial Planner from Fin-Ally Rencana and Consulting Farah Dini said parents and siblings can become heirs if the heir is still single. For those who are married, spouses or children can be listed as heirs.

He reminded not to hesitate to ask about the mechanism and requirements for the disbursement of such assets, if the heir is gone. This is important so that the heirs do not have difficulty in claiming the inheritance you have given.

1. Register All Assets and Administrative Completeness

You must be diligent in checking your assets in financial forums, both banks, investment managers, insurance companies, heirs’ columns on deposits, mutual funds, to insurance. This is to ensure the clarity of the news regarding the retained property, including the name of the heir listed.

Financial Planner from Fin-Ally Rencana and Consulting Farah Dini said parents and siblings can become heirs if the heir is still single. For those who are married, spouses or children can be listed as heirs.

He reminded not to hesitate to ask about the mechanism and requirements for the disbursement of such assets, if the heir is gone. This is important so that the heirs do not have difficulty in claiming the inheritance you have given.

2. Inheritance Doesn’t Have to Be In The Form Of Money

The inheritance distributed is not only in the form of money. There are other forms of inheritance that can be given, such as business. However, you also have to make sure that the heirs can continue the business or business you have started. In fact, there are not a few heirs who can’t actually manage the business so that what you have got is simply lost.

The absence of heirs’ desire to continue your business can be the cause of the failure of the business that has been initiated. Not only that, the fear of failing in running a business so that management is handed over to others does not close maybe your business does not happen.

3. Anticipate Changes in Your Standing

You really need to update the heirs column as soon as possible when there is a change in the situation, one of which is the standing of marriage. If you were previously married and now divorced, you have the right to change your spouse’s nickname from your list of heirs.

But, you don’t have to worry about having difficulty in changing your heirs. Because, as long as you as the owner of the asset are still alive, that data change will not require a power of attorney.

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4. Make a Will Deed

This will deed is very important to make it easier for the heirs to ensure that the assets so that the distribution can be properly distributed and avoid conflicts between the heirs whose names are listed. The letter must understand that it contains news that contains what inheritance law you will use in dividing the inheritance.

You must make sure the names of the heirs listed are aware and complete along with what assets they will get later in detail. Preferably, you put absolute heirs first, such as parents, siblings, life partners, or children to obtain inherited property.

In Islamic law, there are at least 25 heirs with a predetermined share. In civil law, the list consists of husband or wife, children, parents, and then the family from the paternal and maternal side.

Thus the explanation that discusses inheritance wealth management, hopefully the explanation above will be useful and thank you.

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