Wills Vs. Deeds
Wills and deeds are both legal documents, but they perform very different functions. A will is a document that an individual creates to let people know exactly what should happen to his assets once he dies. A deed, by contrast, is a document that sets forth conditions for and acts as legal proof of a transfer of real estate.
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Will
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A will, formally known as a "last will and testament," is a document that only becomes legally operative upon its creator's death. The creator, legally known as the "testator," creates the document during his lifetime. In a typical will, the testator clearly states what should be done with his assets. However, a will need not include all of the testator's assets; he may use it to dispose of only part of his property.
Requirements for Wills
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A valid, legal will must meet legal requirements established by the statutes of the jurisdiction where the will is probated. In general, most jurisdictions require that the testator be of age and mentally capable when he creates the will, and that at least two disinterested witnesses (meaning, witnesses not receiving anything from the will) see the testator sign the document. A probate court may also refuse to recognize any parts of the will that resulted from fraud or other unethical behavior practiced upon the testator by someone else. Wills need not necessarily be formal and typed; in certain extenuating circumstances, the law will recognize informal, or "holographic" wills. However, the will must be signed by the testator in his hand, even just with an "X."
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Deeds
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Deeds prove that one party has transferred real estate to another. Every jurisdiction requires a deed to be written and signed by the transferring party. Deeds must contain identifying information about the property being transferred, such as a physical description, street address, parcel number or other clear identification of the property. Deeds must also contain some sort of statement by the transferring party that he intends to immediately (and permanently) give up his interest in the property.
Deed Delivery
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Even if a deed is written and signed by the transferring party, the deed does not become a legal transfer of property until that party "delivers" the deed to the new owner. A "delivery" in this case means that the transferring party takes some sort of action that clearly shows his intent for the deed to come into legal operation. Even physically handing the deed to the new owner will not constitute delivery if the transferring party does not show this intent. Delivery may also be accomplished by giving the deed to a third party to be held in escrow.
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References
- Photo Credit real estate image by Andrei Merkulov from Fotolia.com
