Testament or endowment: what to choose?

What is a testament and gift

A will is a document that contains the person’s will to dispose of his property after death. Gift - is nothing more than a deed of gift. A will is always issued by a notary. For the contract of donation rather simple written form. However, it can be certified by a notary at the request of the parties. If the subject of the contract is real estate, the transfer of ownership of it is subject to state registration. It should be remembered that if during the life of the donor the rights to real estate for the new owner were not registered, the fact of donation loses its force.
A testament or deed of gift can be made in favor of people who are not related to the author of the document in a relationship.

How to make the right choice

Choosing between testament and donation, it is necessary to proceed from the following. A will takes effect only after a person’s death, or rather, not earlier,than 6 months. Accordingly, only then the heir (heirs) will receive ownership of the property bequeathed to them. The deed of gift may enter into force from the moment of its conclusion.
Stopping your choice between the will and the gift, you must take into account the costs of their design. So, at the conclusion of the contract of donation of real estate at the notary, the state duty in the amount of 1000 rubles is paid. The same amount is paid for registration of the transfer of ownership of it. When making a will, a state duty in the amount of 100 rubles will be charged. However, then the heirs will need to pay the state duty for issuing a certificate of inheritance rights. Its size is 0.3% of the value of the property that is the subject of the inheritance, but not more than 100,000 rubles. The exceptions are cases where the heir lived with the testator on the day of his death and continues to live there.
When making a deed of gift, you also need to be prepared to ensure that the donee, unless he is a close relative or a member of the donor’s family, will have to pay personal income tax.Upon receipt of the property under the will, personal income tax is not charged.
The will and the contract of gift may be challenged in court due to their invalidity. In this case, apply for recognition of a will as invalid only after the opening of the inheritance.

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