Gift Deed vs Will: Should You Transfer Now or Later?

Should you gift an asset to your children now, or leave it to them in your Will? Both are valid, but the consequences are very different.

The core difference

• A gift deed transfers ownership immediately and irrevocably during your lifetime.
• A Will transfers ownership only after death, and you can change it any time while you live.

Cost and formality

A gift deed usually attracts stamp duty and registration charges (concessional rates often apply for close relatives, varying by state). A Will attracts no stamp duty and registration is optional — making it far cheaper.

Control and risk

Gifting now means giving up control — and, as many families learn the hard way, that can go wrong. A Will lets you retain ownership and control for life while still ensuring the asset passes as you intend. For most people, a Will is the safer, more flexible choice; gift deeds suit specific, deliberate lifetime transfers.

This article is general information, not legal advice. For complex estates or specific cases, consult a qualified professional.