DIFFERENCE BETWEEN TRANSFER DEED AND TRANSFER OF PROPERTY BY WILL

WHAT IS DIFFERENCE BETWEEN TRANSFER DEED AND TRANSFER OF PROPERTY BY WILL?

A Will differs from a deed in the following respects: 

(i) a deed operates eo instanti, i.e., from the date of its execution; a Will comes into operation on the death of the testator; 

(ii) a deed is ordinarily irrevocable, unless there is an express power of revocation; a Will can be revoked at any time by the testator during his life time. It is ambulatory and it becomes effective and irrevocable on the death of the testator; 

(iii) in case of mistake in a deed, the Court has power to rectify it; a Will cannot be rectified by any Court of law. No consideration is required for making a Will.

Thus disposition of property takes place posthumously after the death of the testator. Therefore, there is no transfer eo instanti as in case of any other deed like a sale deed, gift, exchange, mortgage, lease or assignment.