Is it permissible for a Muslim to وقف (endow) all of his wealth, leaving nothing for his heirs, in emulation of the action of our master Abu Bakr who وقف (endowed) all of his wealth for jihad?

It is permissible for a Muslim to dedicate all of his property as an endowment (waqf) during his lifetime, provided that this does not affect the sufficiency of those whose maintenance is obligatory upon him, and that he is not unable to earn a living; due to the Prophet's (peace and blessings be upon him) saying: "It is sufficient sin for a man to neglect those whom he is responsible to support." As for an endowment contingent upon death or made during a death-illness, it takes the ruling of a will, and therefore, it is not permissible for it to exceed one-third (of the estate) unless the heirs approve.