'Gift deed' will transfer the property immediately from the donor to the donee. A Will, on the other hand, comes into force only after the death of the person who has executed the Will. Gift deed is the transfer of movable or immovable property by one person called the donor, to another, called the donee. The gift deed has to be registered to make it valid by paying stamp duty and registration fees. A will is a personal document in which one mentions clear disposition of one’s property to his legal heirs after his death.If there is no will and a person dies then his property will be inherited by legal heirs in accordance with the laws of inheritance.
Will is the legal declaration of a person’s intention which he wishes to be performed after his death and once the Will is made by the testator it can only be revoke during his lifetime. A person cannot give his ancestors property in the form of a Will but he can make a Will only of his Self-Acquired property. A Will does not involve any transfer, nor affect any transfer inter-vivos, but it is an expression of intending to appoint a person who will look after the properties after his (Testator) death. A Will regulates the succession and provides for succession as declared by the testator. A gift is a common mode of transfer of property.
It is the transfer of certain existing moveable or immoveable property by one person to another. The transfer should be made voluntarily and without consideration. The person transferring the property is called the donor. A gift of immovable property can be made only by a registered instrument. A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the donee. Documents should be stamped with appropriate non-judicial stamp, registered as required under the India Registration Act and attested by two witnesses.
A mere delivery of possession without a written instrument cannot confer any title. A deed cannot be dispensed with even for a property of small value. Whether it be will or gift, the intention of the parties is most important. Your sister should change the name in the record in accordance to her married name, so avoid complications.
-Regards
Advocate Pooja
www.lawkonect.com
