Your Islamic Will, like a secular will, covers all the assets that make up your estate. When you die, the interests you have in all your property - real and moveable - become part of your estate, and will be distributed to your Islamic heirs in your Islamic Will.
However, your Will does not cover assets that are transferred to third parties by right of survivorship or because of pre-selected beneficiaries, such as:
- Real estate owned with a right of survivorship;
- Bank accounts with a right of survivorship;
- Retirement accounts with a pre-selected survivor beneficiary; or
- Life insurance with a pre-selected survivor beneficiary.
When you pass away, all assets owned individually and assets with the estate selected to be the beneficiary would be distributed according to your Islamic Will. All retirement accounts, insurance proceeds, and assets owned with a right of survivorship will be distributed to the pre-selected beneficiary outside of your estate.