Updated: Feb 29
Transferring estates to beneficiaries and inheritor tasks is more straightforward than you may think; however, it takes some time. Assuming you have already tackled the issue of taxes and you know what exactly could happen after the transfer regarding taxes, you are ready to transfer the deceased Testator/Grantor’s estate. This task can be divided into three tasks.
BEFORE INITIATING TRANSFER:
You will need a death certificate, affidavit of domicile, or other proof of death before you initiate requesting transfer.
You may need to create new bank or investment accounts for these transfers, and you will need to discuss with the bank and provider the necessity of requiring a new account. So be prepared yourself for discussion and have questions ready to ask. It will not cost money to ask questions.
All this administrative work can be handled almost free of cost if you do it yourself as a beneficiary or inheritor. However, if you have difficulties handling this, please find a firm to help you sort it out.
HOW TO TRANSFER:
To transfer joint or separate assets that are properties (i.e., house, land, etc.), visit the property title or land revenue office.
To transfer joint or vehicles, visit the vehicle registry.
To transfer joint or separate accounts and investments, visit a bank or provider.
To transfer intellectual properties (i.e., books, websites, trademarks, patents, etc.), visit the respective provider.
TRANSFERRING TO JOINT OWNERS OR BENEFICIARIES:
The deceased Testator/Grantor’s name will be removed from Joint and separate estates.
The transfer of estates from the deceased's name, “Testator/Grantor,” to the Joint owners/Beneficiaries' name. This is straightforward, as you would need to visit the respective registry or provider as mentioned in “HOW TO TRANSFER” with the deceased's death certificate, original beneficiary deed, and photo IDs of the respective joint owners and beneficiaries.
TRANSFERRING TO INHERITORS:
Inheritors’ names shall be included in estates left by deceased Testator/Grantor.
Once the eligible Islamic Inheritors and their respective shares are finalized, based on the strategies agreed upon, consult the respective registry and provider as mentioned in “HOW TO TRANSFER.” For transferring, you may be required to complete some forms as requested by the respective registry or provider.
If Inheritors are residents or citizens of the country, it would be much easier to transfer. It will be more challenging (and it will be mostly impossible) when Inheritors are outside the country (i.e., internationally). Read this article, “International Beneficiaries and Inheritors (Issues & Remedy).”