What is the difference between a Will and gift deed? Which is better?
How is a Will different from a Gift Deed? I want to give a property to someone in my blood relation. Should I give it through a Will or a Gift Deed? What are the procedural differences and what is better?
Transfer of property made voluntarily without any consideration by one person on the name of the other is gift deed.
It is important that the donee should accept the property gifted to him. A gift deed is drawn during the lifetime of the donor. If the donor dies before the gift deed is accepted then, the gift deed becomes void. It is important that the property you are donating as gift deed is earned by you or is a part of your share in the ancestral property.
As far as will is concerned it is the legal declaration in which a person drawing the will can name one or any number of persons as beneficiary of his various assets including property and funds. Will comes into play only after the death of the testator.
Comparison between gift deed and Will:
Both gift deed and Will are different as legal instruments. A ‘Will’ is always revocable during the lifetime of the testator, even though it is registered or not whereas, gift deed once given is irrevocable. The revocable term implies that if a person after drawing a Will changes his intentions; he can again execute a very new Will. However, law does not allow the donor to make a new gift deed or change his decision.
In this case, once you have made the decision to gift deed the plot to either of your son, you will lose all the ownership on it. On the other hand, if you nominate any of your sons as the beneficiary of the plot, he will be the owner of it only after your death. In between, if you want to change the decision, a Will provides you the scope for it.
Based on these you can decide which one to opt for.
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