Read any shareholders agreement before drafting. A buy-sell clause can override what the will says about the business.
The Canadian position
Read any shareholders agreement before drafting. A buy-sell clause can override what the will says about the business.
Provincial law governs validity, administration and the grounds on which a will can be challenged — so the answer can change if you move.
The Islamic position
Have the faraid shares recalculated whenever the family configuration changes; they are conditional on who survives.
Record the reasoning and the scholar consulted in a memorandum kept with the will.
The four Sunni schools are not recorded as differing materially on this point in the sources reviewed. Where your own case turns on it, put it to a scholar of your school.
What to do about it
- Recalculate the shares for the new circumstances.
- Update the will with a lawyer in your province.
- Review every beneficiary designation.
- Confirm where the original is kept.
This is legal information only. For advice on your own circumstances, speak to a lawyer.
Citations & sources
Every factual claim on this page traces to one of the references below. Legislation and dollar thresholds change — verify against the primary source before relying on any figure.
- Research Papers — Cambridge Muslim College
- Research — Cambridge Muslim College
- Academics — Islamic law and theology curriculum — Zaytuna College
- Encyclopaedia of Islam — Brill
- T3 Trust Guide — Canada Revenue Agency
- Difference between executor and estate trustee ontario — Treadstone Law
- Trustee act creditor notice missing heir ontario — Treadstone Law
- Multiple trustees ontario joint decision making — Treadstone Law
- What estate trustee submits to court ontario probate — Treadstone Law
- Trust owning shares isc register — Treadstone Law
- Trust for minor children ontario will — Treadstone Law
- Wills & estates practice — Treadstone Law