Difference between Gift Deed and Will Deed/
When to choose will deed and when to choose Gift deed
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A gift requires to be stamped as per applicable stamp laws.
A Will does not require to be stamped or registered.
Gift Deed is a document by which a person gifts his property to some other person while he is alive.
Will is document by which a person expresses his wishes with regard to his properties (both movable and immovable) and the said wishes are to be acted upon only after the death of the person making the Will.
Gift Deed once executed cannot be revoked. The person to whom the gift is bestowed by the gift deed becomes the absolute owner.
Will once made can be changed or revoked any number of times and till the testator (person making the Will) is alive.
Gift Deed comes into effect the very day it is made.
Will comes into effect only after the death of the testator (person making the Will).
Transfer through a gift deed is better when the need to transfer is on an immediate basis, whereas if an individual wants the property to move on to his /her successors only after his/her death, then writing a will may be the best way out.
Also, if the transfer is meant for people otherthan relatives, then writing out a will seems to be better from thefinancial perspective.
My father wants to give an immovable property to me. Should he give me in the GIFT DEED form or WILL DEED form?
In case of gift, you shall instantly become the owner of the property mentioned in the gift deed which is required to be registered. After registering the gift deed your father he will halt to be its owner instantly and you shall become its owner which shall make you entitled to mortgage the property with Bank to avail loan.
On the off chance that your father executes a will handing down his property to you, you will be the proprietor of the said property simply after the demise of your father and you will need to take grant of probate from the court for getting the said will legitimately approved first. Your title on the said property will come only after the demise of your father and not before that.
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