ISSUE:
Whether the document titled as a "Settlement Deed" executed by the settlor was a settlement or a will under the Transfer of Property?
Whether the settlor, after executing the "Settlement Deed," retained the right to revoke or alter it?
Whether allegations of fraud or misrepresentation in the execution of the "Settlement Deed" are substantiated?
RULE:
A settlement creates an interest in the property in praesenti (immediate effect), while a will is ambulatory and revocable during the lifetime of the testator, taking effect only upon their death.
A vested interest is created immediately and remains unaffected by the death of the transferee, while a contingent interest arises only upon the occurrence of an uncertain future event.
The burden of proof lies on the party alleging fraud or misrepresentation.