Question
My son passed away leaving behind a motor vehicle. How should we determine the correct valuation of the vehicle?
How should the funds from the sale of the vehicle be distributed?
Answer
The executor is required to acquire the current market value of the vehicle from two independent valuators. This is merely to get a guideline as to what a suitable purchase price will be, as it would be in the best interest of the heirs to sell it at a price that is as close as possible to the market value.
The vehicle may then be purchased at a mutually-agreed price by any one of the heirs or it could be sold to any other interested buyer if not required by the heirs. The funds accrued from the sale of the vehicle should then be distributed amongst the heirs according to the percentages.
Checked and Approved By:
Mufti Muhammed Saeed Motara Saheb D.B.
Disclaimer | |
Purpose and Scope The information provided on this website is intended for informational and educational purposes only. Fatawa provided on this website are context-dependent, scenario-specific and are impacted by interpretations and individual circumstances. The information provided on this website is not a substitute for an independent, scenario-specific question, and must not be used to determine or establish a ruling for any other circumstance, situation or dispute. | |
Accuracy and Reliability While Darul-Ifta - Darul Uloom Azaadville strives for accuracy, errors may occur. Users are encouraged to verify information independently and notify the Darul-Ifta of any discrepancies. We reserve the right to edit, moderate or remove any content. | |
No Legal Authority Fatawa provided on this website are not legal judgments but rather religious rulings. Legal matters should be addressed through appropriate legal channels. | |
Acceptance By using this website, users agree to these terms and conditions. |