Can a person gift his property instead of writing a Will - Can a settlement can be made to children's without writing a Will - Writing a Will is safety - 9840802218

Gifting assets during one’s lifetime MANY PEOPLE believe that the best way to avoid family disputes over inheritance is to gift away as many assets as possible during their lifetime. “This can be a double-edged sword,” says leading property lawyer Mr.K.P.Satish Kumar. “If you gift an asset, say a property, while you are still alive, it will be immune to challenge. At the same time, it can make old people vulnerable because once the property is in the hands of the children, they can ill-treat their parents,” he says. If, instead, it is willed to the child, the balance of power remains with the parents. If you no longer need a particular asset, gift it by all means, be it an artefact, art work or jewellery. “However before you decide to do so, understand the difference between a gift deed (a legal document used to describe the transfer of gift without exchange of money), and a will. A will, whether it is registered or not, is revocable during the lifetime of the testator. On the other hand, a gift deed, once executed, is irrevocable,” says Bobby Portia Alex leading women's property rights Advocate in Chennai. Do you need to go through probate if there is a Will? • Can you avoid probate by having a Will ? • How do I apply if there is no Will ? • How to apply for a probate ? For Legal queries Daniel & Daniel Attorneys & Solicitors 2132, Vasantham Colony, Annanagar-West, Chennai-600040 Phone: 9840802218 email: advocatechennai@gmail.com