The Ruling on Bequests of Less Than One Third

Question :

It is well known that it is permissible for a person to bequeath a third of his property, but is it permissible to bequeath less than a third, if that person possesses great wealth and what are the purposes for which this bequest must be spent? And is the slaughter considered to be an obligation which must be included in the bequest?

Answer:

It has been confirmed from the Prophet that he said to Sa'd bin Abi Waqqas, may Allah be pleased with him when Sa'd asked him while he was ill if he should bequeath two thirds of his wealth: "No." So Sa'd said: "Then half?" The Prophet replied: "No." So Sa'd said: "Then one third?" He answered:

One third- and a third is a lot. It is better for you to leave your heirs wealthy than to leave them impoverished and begging from the people.

It has been confirmed from Ibn 'Abbas, may Allah be pleased with him, that he said: If the people would but reduce (their bequests) from a third to a quarter, because the Messenger said:
"One third and a third is a lot."

And (Abu Bakr) As-Siddiq, may Allah be pleased with him, bequeathed a fifth, so it is clear from what we have mentioned that a third is the maximum limit for bequests and charity when one is ill.

As for bequeathing less than one third, there is no minimum amount for it. It is permissible for the benefactor to bequeath whatever he sees fit from his wealth, on condition that it does not exceed one third. If he bequeaths less than a third, such as a quarter, a fifth, a sixth or the like, then it is better, especially if his wealth is great. It is better that the bequest be for the purpose of good deeds, such as the poor and needy, the wayfarers, those who participate in Jihad in Allah's Cause, the building of mosques, Islamic schools, charity to one's kinfolk and other such charitable works. If it has been specified in his will that an animal be slaughtered for him and for whomever he pleases among his family, then there is no objection to this, because it is one of the lawful deeds by which one draws closer to Allah. Another such deed would be helping those who wish to marry and have not the means, and those with debts who have no means to pay them, and other such deeds. And Allah is the Granter of success.

Source:
Ibn Baz
Fatawa Islamiyah, Vol. 5 Pages 62-63