Introduction A Will or a gift during your lifetime are both ways to transfer your assets to anyone, including your children. It is true that both modes have advantages and disadvantages. The purpose of this article is to help you decide which option is best for you. There is no restriction on the transfer of assets by anyone who has the legal capacity to do so.s to anyone else. In order to enter into a contract, a minor, a person of unsound mind, or an involuntary bankruptcy insolvent must be of sound mind. During the course of the person giving […]
The Ultimate Guide to Gifting Property to Blood Relatives
Introduction Section 122 of the Transfer of Property Act, which was enacted in 1882, clearly defines the term ‘gift’. In the spirit of voluntary donation, any property, whether moveable or immovable, can be given as a gift to a known person. The beneficiary accepts the gift himself or someone who inherits the property on his behalf. In accordance with the TPA, a gift can consist of mortgages, land, actionable claims, or valuable goods. After compliance with the Transfer of Property law, actionable claims, such as insurance policies, shares, bonds, etc., can be donated through gift deeds. An ideal gift should […]