As Salaamu Alaikum Wa Rahmatullah,
I would like to know if my parents transfer money into my bank account for the purpose if anything happens to them it will be easy for me to access the money and see about their well-being. How would zakaat apply their money being in my bank account, would I have to pay zakat on it?
Wa Alaikum As Salaam Wa Rahmatullah,
If by transferring the money into your bank account, they intended to make you the owner of the monies, then you will have to pay Zakaat on that sum if you are the owner of a Nisaab. If however, they remain as owners of the money, but transferred it to your account only to make it accessible to you, then they will have to pay Zakaat on it if they have the Nisaab, even though it may be in your bank account. In this case, they would have to instruct you to take out the specific amount of Zakaat when it is due.
And Allah Knows best
Mufti Waseem Khan