Deed of Donation, Last Will and Testament

Revoking Power Of Attorney Form - Deed of Donation, Last Will and Testament

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One form of a legal instrument to effect transfer of asset from one person to another which could be intended to minimize, if not altogether evade payment of taxes, is the Deed of Donation Inter-Vivos. It is ordinarily applied as an immediate manner of asset transfer whereby the owner naturally doles out his asset to any legal personality, in many cases a son or daughter or any close relative, affiliate or business associate, without any form of monetary consideration, hence not subject to any form of sales or wage tax.

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Revoking Power Of Attorney Form

While in principle, a deed of donation is similar in effect to a testate will, i.e., giving out pro-bono any rightfully owned asset to anybody, the basic unlikeness is in the timing of the instruments. A asset owner's last will and testament takes effect and becomes enforceable only upon the testator's demise. A deed of donation, on the other hand, can be made to take effect immediately, or at any period of time that the donor finds relevant.

Property transfer tax payable to the government in a deed of donation is minimal compared to how much could be assessed on a last will and testament, which could include, aside from the basic transfer tax, legacy tax and anyone unsettled liabilities of the testator which should finally be charged against his estate.

While both instruments could be executed unilaterally, a deed of donation could become more legally irreversible and could no longer be rescinded when the consent and acceptance of the donee is made explicit in the contract. Whereas anybody's last will and testament is still subject to correction or modification in the lifetime of the testator as it becomes executory only after his demise.

In any case, legal jurisprudence is located in the principle that nothing is more final and executory than the last will and final hamlet instructions of a dying man, therefore all the more strengthening the legal bond that seals the last will and testament.

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