Gift deed or registered will

A will and a gift deed are two different legal instruments. A " WILL" is revocable , whether it is registered or not. Wheras a Gift deed is irrevocable. Here ' revocable ' means , if the person changes his mind , he can execute a new will and the old one will become invalid wheras, once a gift deed is executed, even if he changes his mind, law will not permit him to make a new gift deed. Once a gift deed is executed by your father, he will lose all ownership over his property and you will become its owner. So pl go in for a gift deed. The most important that should be taken into when executing a  gift / will deed is that , your father must have earned them himself or in case of property, only to the extent of his share in that property. 

Thank you vishnuji for your reply..

Here the question is not about my father changing his mind....but he wants to be sure that all movable and immovable property should come to me...and not my mother as she herself is a gaurontor to her colleague who is defaulter with huge amount to a bank  .   

my father has not signed any document and is not a gaurontor himself and everything is on his name , earned by his own source....

if he makes a will gets it registered... my question is can anybody can change his will?

and legally can my mother or the bank or any court  have any claim over my father's property  after he makes a will ? (as after husband , wife is legal heir )

in this case guide us with the safest way.....

Will or no will, your father's property will not be liable to the debts / liabilities contracted by your mother. Therefore there is no need to ur father executing any gift or will to avoid attachments of his properties for the liabilities of your mother. Execution of a will does not prevent attachments of the person's properties for his debts, as the will comes into force only on the death of the person execcuting the will. Until then it has no force in law.

Hello vidya,

I fully agree with learned counsel Mr.Gupta's suggestion. Two points I would add to his views are 1) Your assumption that wife is the legal heir is wrong. It is wife + survivng children will have an equal share in your father's self acquired property upon his demise if he does not make a will. If he makes a will , then the person named in the will becomes the absolute owner of his self acquired properties. Nobody can change the will your father makes .2) Pl ask your father to go in for a settlement deed in your favour, if he is feeling insecure about your mom's actions. Good luck.

Thank you Gupta sir and Vishnu  sir!!

Hello Vishnu and Gupta Sirs, I have following to seek your expert guidance:

I own a plot of land purchased form my own income and i wish to give it to one of my two sons. Please advise:

1. Which is better and fool-proof: A will or a gift deed?

2. What is the difference between the two, pros and cons.

3. Is it necessary to register the will at the place where property is located and registered or it can be made/registered any where else in India?

4. Will my son be able to get the property transferred in his name based on the will? What is the detailed procedure? can my other son create problems?

5. lastly, what is the 'settelement deed' that you mentioned in your reply above?

Thanks in advance.

Anil

Mr. Mangal, You seem to be a diiferent person and not connected with Ms. Vidya. Propriety requires that you should make your query seperately. Nevethless, my answeers to your queriwes are as under:

1 and 2:  Please see the difference between will and gift explained by Shri Vishnu. If u want that ur son should get the property immediately, then gift is the best way.  But gift deed attracts stmp duty and registration chares based on the current market vlue of the property. Stamp duty differs from State to State, but at a concessional rate. In Mhazrashtra it is 2% if the gift is made to blood relations such as son, daughter etc..

3. Registration of will is optional,  not compulsory. It can be registered at the place where it is executed. But pl note if at a later date u want to change the will, you will have to execute and registter a codicil (amending document).

4. The son to whom u bequeath the property under the will, will get the title to the property automatically on ur death. But the will requires to be probated in a court of law. For details pl consult ur Advocate.

5. Settlement deed is different. Generally it is executed where a person wants to settle his properties with immediate effect  amongst his family memebrs or for those for whom he wants to provide or for any religious or charitable purposes. While will takes effect on the death of the person making the will, settlement comes into force immediately on its execution and registration. It attracts heavy stamp duty.

Gupta Sir,

Thanks for your guidance. Yes am a different person not connected to Ms. Vidya. Since my question was similar I chose to seek guidance under the same forum meesage.

Under my circumstances, I am unable to register gift deed as the donee is aborad. So for the time being I plan to make an unregistred will. My query is: Can I execute this will in mumbai where I live, for the property situated in Delhi?

Thanks

Mangal

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