There are two main ways of handing over the property to the next generation, gift deed and will. Both are instruments of transferring property legally. But the biggest difference between them is that gift deed transfers the property in lifetime, while will is effective after death. Let’s understand… 1. Gift deed: This is a permanent process. Once the property is transferred, the owner loses the right over it. So hand over the property only to the person you trust completely. Giving a large part of the property to one person can also create disputes among other heirs. Signatures of two witnesses are necessary Tax rules 2. Will: Will is a legal document that ensures to whom and how your property will be given after death. Its biggest advantage is that you retain the right over the property throughout your life. You can change the will at any time. Process of Will Tax rules
