What is the difference between will and settlement deed? I knew what a will was but was not very sure of what a settlement deed meant. But I have a lawyer brother, so I turned towards him to help me understand the difference between both. Before he explained to me about will vs settlement deed, he explained the meaning of both will and settlement deed.
What is a will?
A person, known as the testator, declares their desires for how their property should be dispersed in a legal document called a will or testament. They also appoint one or more people, known as the executors, to oversee the estate's administration until it is finally distributed. For the transfer of property not left in a will.
The terms "will" and "testament" have historically been used interchangeably, despite the fact that it has occasionally been believed that a "will" only applies to the disposition of real property while "testament" only pertains to the disposition of personal property. This is what gave rise to the popular title of the document, "Last Will and Testament." Hence, both personal property and real estate are legally covered by the term "will." A testamentary trust that takes effect only after the testator's passing may also be established via a will.
What is a settlement deed?
A settlement deed in real estate is a legally binding document through which the parties involved in a real estate transaction can settle their disputes and differences. In legal terms, a settlement deed states the disposition of the property of the owner as per his/her choice. But you must also know that a settlement deed is considered valid when it is brought down in writing and is legally registered. A settlement deed usually helps in settlements of disputes related to real estate, payments settlement and court cases.
What is the difference between will and settlement deed?
As opposed to a Will, a settlement deed is distinct. A settlement becomes effective right away, whereas a will becomes effective only after the death of its author because it is a testamentary document.
A will's revocability and the fact that its author may execute any number of wills with regard to a single property throughout his lifetime are other distinguishing characteristics, however, only the latest will be executed becomes effective.
By properly executing a settlement deed, the settler forfeits all of his rights to the subject property, subject to the terms and circumstances set forth in the deed. A settlement is not reversible.
I hope I was able to help you understand the difference between will and settlement deed.
Read More: Can a Settlement Deed be Challenged? How to Cancel Settlement Deed? What is Probate of a Will? How to execute a will in India?Your Feedback Matters! How was this Answer?
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Difference Between Will and Settlement Deed?
Uday
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1 Year
2023-03-27T18:25:00+00:00 2023-03-27T18:28:04+00:00Comment
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