Gift Deed or Making a Will: What is the Best Way for Property Transfer?
Estate transfer is more likely a gifting gesture for our future generation. However, people often grapple with the decision of whether to opt for a gift deed or a will. Both methods offer distinct advantages and drawbacks, requiring careful consideration based on individual circumstances. Transfer of Property by Way of Gift Gift deeds help in the transfer of self-acquired property to anyone. For that, you have to do some contracting with stamp duty. It will be payable on the property's market value during the deed's execution. Some states offer stamp duty concessions for gifts to close relatives. However, gifts to non-relatives can trigger the recipient's obligation to include the property's market value in their income for taxation. Transfer of Property Through a Will Conversely, making a Will in Singapore enables property transfer posthumously, with the property vesting in beneficiaries after the testator's death. Wills are cost-effective and don't demand any...