Impermissibility of a person dedicating their entire wealth as Waqf to their children
It is not permissible for a person to make all his possessions Waqf (endowment) for his children because this is unjust Waqf, because it involves depriving the wives as well as the legitimate heirs from their legitimate legacy. Based upon that, any of the heirs who do not benefit is considered deprived of their legacy, and those who benefit from the legacy are deprived of lawful inheritance and the ability to have full control of their share of the legacy. This contradicts the sanctified Shari`ah. The lawful way is that the person makes a will of one third of his or her property to be spent on charitable avenues, and a share for his needy heirs. Nothing is wrong with that as it has been authentically proven in the two Sahih books of Hadith (Al-Bukhari and Muslim)
that the Prophet (peace be upon him) said to
Sa`d when he asked whether he could donate all his money, "No." Sa`d said, "Then half?" He (peace be upon him) said, "No." Sa`d said, "One third?" He (peace be upon him) said, "One third and that is much."
It is also narrated by
Abu Dawud and
Al-Tirmidhy who said it is a Hasan (good) Hadith
that the Prophet (peace be upon him) said:
No will must be made to an heir.
(Part No. 16; Page No. 123) May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.