Law Tarazoo

WILL and GIFT DEED- the difference and which is the best for you?

There is lot of ambiguity among the people as regards to the difference between WILL and GIFT DEED and most of them fail to make a choice as to what suits them best.

Let us understand both the documents briefly:

WILL

What is a WILL?

Will is document by which a person express 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.

 

When does the person gets the property bestowed to him under the WILL?

The person gets the property bestowed to him under the WILL by the testator (person making the WILL) only on the death of the testator and not before.

 

When can it be used or executed?

WILL, as a document comes alive only after the demise of the person making the WILL it cannot be used during the subsistence of the person who has made it.

 

WILL once made, can it be changed?

The person making the WILL can change it any number of times.

The WILL which is lastly made before the death of the testator (person making the WILL) shall be considered for all legal purposes.

 

Is WILL compulsorily required to be registered?

NO, WILL is not required to be compulsorily required to be registered. The only requirement of the WILL is that the person making the WILL (testator) has to sign it in front of two witnesses and the two witnesses has to sign in front of the testator. The witnesses can be any person related or unrelated to the testator.

 

What if a person dies without making a WILL?

If a person dies without making a WILL, his properties shall devolve upon his legal heirs as per the law governing his personal religion.

 

GIFT DEED

What is a Gift Deed ?

Gift Deed is a document by which a person gifts his property to some other person while he is alive.

 

Can Gift deed be revoked or cancelled?

The property once gifted to a person becomes his property permanently and the person making the Gift Deed cannot revoke the Gift once the document is properly executed.

 

The difference between WILL and GIFT DEED :

Coming into effect:

WILL comes into effect ONLY after the death of the testator (person making the WILL).

GIFT DEED comes into effect the very day it is made.

 

Revocation:

WILL once made can be changed or revoked any number of times and till the testator (person making the WILL) is alive.

GIFT DEED once executed cannot be revoked. The person to whom the gift is bestowed by the gift deed becomes the absolute owner.

 

Registration:

WILL is not compulsorily registrable and an unregistered WILL is very much legal in the eyes of law.

GIFT of movable property (for eg., car, machine, gadget, goodwill etc) is not required to be registered but GIFT of immovable property (for eg., land, flat, house etc) is compulsorily required to be registered.

×

Hello!

Click one of our representatives below to chat on WhatsApp or send us an email to experts@lawtarazoo.com

× How can we help you?