Planit:Asset Beneficiaries for Faraid Exercise Answer Key

{{{Male Name}}} and {{{Female Name}}} are getting ready to plan for their estate. You have discussed the division of their detailed assets on death, and being devoted Muslim clients they agree to designate all of their detailed assets to go to the estate and then make the necessary contributions. The following account types are NOT subject to probate: {{{Accounts not subject to probate}}}.

Question One:

Karim Shadeed and Tasnim Kaliq are getting ready to plan for their estate. You have discussed the division of their detailed assets on death, and being devoted Muslim clients they agree to designate all of their detailed assets to go to the estate and then make the necessary contributions. The following accounts are NOT subject to probate fees: EPF account.

Answer:

Click on the menu link taking you directly to Assets and Liabilities.

1. Click on Edit beside Tasnim’s Managed EPF Account
2. The Subject to Probate box should be blank.
3. Set the beneficiary to Estate
4. Click Save
5. Repeat steps one through four for their {{{Accounts same as Account 1}}}
6. Click on Edit beside the managed Joint Investments
7. The Subject to Probate box should be checked.
8. Set the beneficiary to Estate
9. Click Save

Note: Since you identified the personal use accounts as 50/50 ownership, the Web Advisor will only show the half of the account going to the beneficiary of the estate, the other half will stay with the surviving spouse.

1. Repeat these steps for the non-managed Joint Brokerage Account and both sets of the Personal use Account.