‘People can only have a long-term plan if they know their private property is secure’. Throughout life, we acquire property in the form of houses, real estate, vehicles and savings accounts. Deciding how to divide assets between loved ones after your passing can be a confusing task. The use of wills and deeds of transfer can help to accomplish this.
Transfer of property means an act by which a person conveys a property to one or more persons, or himself and one or more other persons.
A will or testament means is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
- Both of them have the effect of transferring ownership of property
- Both can be used in disposing of such property in the context of estate planning
Transfer of property deeds and wills are both legal documents. In order to stand up in a court of law, both should be signed and notarized. Without this, the validity of the document can be disputed by another party trying to claim the property.
Reasons as to why transfer of property is better than will
- Wide Scope-Deed to transfer property is strictly related to transfer of land or anything attached to it. However will can be used to transfer anything whether a land , house, jewellery. So the wide ambit of will makes it complex.
- Formality-Deeds are usually filed through an attorney, title company or real estate agency. Wills can be drawn up by an individual and filed on record at the county recorder or kept in a safe place at home. So the formality of the document of transfer of property is maintained.
- Explicit- The transfer of property once done is irrevocable. It does not create disputes between parties as will is subject to changes, revision.
- Control – The property once transferred is under the control of the transferee. He has present control over it. However the will is in the control of the testator till he dies.
Thus, transfer is a better, systemized, logical and relatively peaceful in a parasitic caste in society. It is a fundamental institution and needs to be protected.