NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Tools for Estate Planning
Mrs. Nair wants to transfer her house to her daughter during her lifetime and keep the right to live there until death. Which tool is most directly suited to achieve a lifetime transfer of ownership while the transferor is alive?
A gift deed is the tool that transfers ownership of property during the donor's lifetime, voluntarily and without consideration. A will and a codicil operate only after death, and a nomination does not itself transfer ownership.
- AA will, which operates only from the testator's death
- BA gift deed, which transfers ownership during the donor's lifetimeCorrect
- CA nomination in a bank deposit
- DA codicil to an existing will
Explanation
A gift deed transfers property voluntarily and without consideration during the donor's lifetime. A will and a codicil take effect only after death. A nomination only makes the nominee a recipient or trustee, not a lifetime transfer of the house.
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