What is the difference between a gift deed and a will for transferring property?

A gift deed transfers ownership immediately, during your lifetime, and once validly executed and registered, it's generally irrevocable — you give up ownership and control right away. A will, by contrast, only takes effect after your death, and you retain full ownership and control over the property throughout your lifetime, with the freedom to change or revoke the will at any point before then.

A gift also typically attracts stamp duty (similar to, though sometimes at a somewhat different rate than, a sale), payable at the time of the gift, whereas transfers through a will usually attract little or no stamp duty at the time of inheritance, though this can vary by state.

Which option makes more sense really depends on your specific goals — a gift makes sense if you want to transfer control now and are confident in that decision, while a will gives you flexibility to change your mind and retain control during your lifetime, which many people find more comfortable. It's worth discussing your specific family situation and objectives with a lawyer to decide the better fit.