All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
The Prophet gets the same reward of the sacrifice of each and every Muslim because Allaah guided us to Sharee’ah by him. Every good act that a Muslim does, the Prophet gets the same reward like him. However, –as far as we know –the Prophet did not legislate to us to offer a separate sacrifice on his behalf. Furthermore, it is not reported with a good chain of narrators –as far as we know –from the companions that they used to offer a sacrifice on his behalf.
As regards the obligation of donating in charity the sacrifice offered on behalf of a dead person, then the jurists stated that whoever offers a sacrifice on behalf of the dead from his money [dead’s money], then it is not permissible for him to eat from it. Rather, he should donate all of it because the sacrifice is done on behalf of the dead and it is only with his permission that one can eat from it, and this is impossible because he already died. Therefore, it is an obligation to donate it in charity on his behalf, whether the sacrifice is done with a cow, sheep or goat, or camel, and this is the view of the Shaafi’i School of jurisprudence.
However, the Hanbali School of jurisprudence stated that the sacrifice offered on behalf of the dead may be treated like a sacrifice offered by a live person, one can donate from it in charity, eat from it and gift from it.
It is permissible to act according to any of the above two opinions, Allaah willing.
For more benefit, please refer to Fatwa ">116801 and ">116428.
Allaah Knows best.