Difference between a will & settlement deed

This query is : Resolved 
 

(Querist)
14 September 2011

Please highlight the meaning and differences between a Will & Settlement Deed?

Thanks in advance


prabhakar singh (Expert)
15 September 2011

meaning Settlement Deed

(Law) Law
a. a conveyance, usually to trustees, of property to be enjoyed by several persons in succession
b. the deed or other instrument conveying such property
c. the determination of a dispute, etc., by mutual agreement without resorting to legal proceedings



meaning Will Deed
(law)

A Will deed is a testament by which any judicial person can appoint his/her own heir as per his/her own wish during his/her own life time till last breath of his/her life.

Differences between the two:

1.the former is usually a conveyance while later is not.
2.the former can not be revoked by parties
once made without a decree of court but the later can be revoked by testator as many times as the testator desires without any intervention of courts.
3.usually the former passes the title right and interest at once while later does not do at once as it comes into operation after the death of its testator.
4.the later can defy the succession law while former does not enjoy such a situation.



Shailesh Kr. Shah (Expert)
15 September 2011

Will:-
1.Transfers of assets after the death of testator;
2.Testator can made any no. of will during life time;
3.No Stamp Duty requires;
4.Registration not necessary.

Settlement Deed:-
1. Any dispute settled between parties amicably;
2.Settlement deed execution during the life of Party;
3.Stamp Duty & Registration Requires, if property is immovable.

Advocate Bhartesh goyal (Expert)
15 September 2011

Experts are right.

Advocate Rajkumarlaxman (Expert)
15 September 2011

I TOO AGREE WITH OUR EXPERTS

Chanchal Nag Chowdhury (Expert)
15 September 2011

Will is the intention of the testator & is to take effect only after the death of the testator. It has to cover all properties. Registration is optional.No Stamp Duty. Enforceable only after Probate obtained from a competent Court.
Settlement may take place in the lifetime of the Settlor.It may be of only some or of all properties. If it involves immoveables, it is compulsorily Registrable upon payment of Stamp duty & registration charges.

ajay sethi (Expert)
Click to Talk
15 September 2011

well advised by experts

Dhingra, 1962dcg@gmail.com (Expert)
Click to Talk
15 September 2011

Agree with experts.

girish shringi (Expert)
17 September 2011

I do agree with the experts.



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