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Will vs gift

(Querist) 26 September 2012 This query is : Resolved 
We are three siblings. My parents are writing a will for property distribution that was solely earned by them. There's no ancestral property.

My question is, if the property comes to us due to the will post expiry of our parents, can we sell it? Can my wife (or children) object to the sale?

If instead the property is gifted to us by our parents during their life time, will it be considered ancestral property? Do our children (and wife) automatically have rights on it?

From the point of view of my control on my portion of the property, is will better or gift deed is better?

Thanks
Guest (Expert) 26 September 2012
Replies to your questions are as follows:

- No
- No
- Gift would bestow title upon you even during the life time of your parents after the Gift deed is executed, whereas, in case of a will you would become entitled to the property only after the demise of the will maker. Naturally, gift deed will be better, provided your parents/you are ready to pay the stamp duty applicable on the gift, as prescribed by the state where the property is situated.
Amit (Querist) 26 September 2012
Thanks Dhingra ji.
If the property is given as gift, will it be considered as ancestral property?
Amit (Querist) 26 September 2012
Also, why do you say "naturally gift deed will be better"?
Guest (Expert) 26 September 2012
If you get all the rights of the property through a gift deed without any wait, would that not be better than the will that would take for several years for execution to mature only after the death of your parents?

There can also be a scope of change of will any time during the life time of the will maker, while there remains no scope of cancellation of gift deed by the donor without specific consent of the donee (acceptor of gift).


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