Comparison Between Will And Gift As An Estate Planning Instruments In Islam
Wills and Gift are the popular estate planning instruments among Muslims. The method of execution of these wills and hibah is to reduce the number of cases involved. However, there are some differences between these two instruments. Hence, this paper examines the difference between a will and a gift by analyzing the advantages and disadvantages of both. The method used to explain this distinction is content analysis. Data derived from journal articles, al-Fiqh al-Islamiyy wa Adillatuh, al-Majmuk book, book of Laws in Malaysia, dictionary and also newspaper. All of these data will be analyzed descriptively. The findings show that the implementation of wills and gift has the same role as a property planning instrument. However, there is a difference between the two namely the will only occurs after the death and can be given one third to the non-heirs while the gift is implemented during life on the basis of compassion and not bound by certain limit rate and can be given to anyone. The will is still subject to faraid law and it is necessary to obtain the heirs' approval if they exceed the appropriate rate while the gift is not bound by the consent of any party. The advantage of the will is the transfer of property takes place after death - the property remains the property of the testator throughout his life. This can ensure the testator from be ignored by the recipient. The disadvantage of this instrument is the will of only 1/3 of the value of the testator's property to the non-heirs.The advantages of the gift can strengthen the recipients and beneficiaries as they are given during life. The disadvantage of gift is given during life and is likely to be ignored by the grantee after the property is transferred.
Keywords: Will, gift, estate