Assalamualaikum. Welcome back to another video. My name is Naveed Hussain. Today, I wanted to talk about the importance of having a will. As Muslims, we understand that the Prophet Muhammad (peace be upon him) has told us that no one should go more than two nights without a will if they have anything to bequest. I think that applies to every one of us living here in America. Not only is it important to fulfill the Sunnah of our beloved Prophet Muhammad (peace be upon him), but it is also a practical step to make sure that our hard-earned money goes to our children after we pass away. So, let me explain estate planning. First, let's talk about what happens if you don't have a will. What if you didn't do any planning, didn't write any document, and didn't talk to a lawyer? In that scenario, your assets will be distributed according to American law, specifically Illinois law if you live in Illinois, for example. Obviously, this distribution won't be in accordance with what the Quran says in Surah Nisa. The state will look at whose name is on the title of the property as the first question. For instance, if you own a house jointly with your spouse, you each own 100% of that house. If the husband passes away, it belongs to the wife, and if the wife passes away, it belongs to the husband. So, the distribution won't be necessary in this case. The second thing to consider is whether or not a property has a beneficiary listed on it, such as a 401k, an IRA, or a life insurance policy. If there is a beneficiary listed, that person will receive the property. Even from an Islamic perspective, there are certain issues that relate to joint property and beneficiary...
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