According to me there are basically two ways wherein you can make a choice between a Will or a Gift Deed:
Firstly, by way of a Gift Deed the ownership is transferred immediately from the donor to the donee and he/she become the absolute owner of the property. However, in the case of a Will it will be transferred in future after the death of the person
Secondly, a Will can be revoked and challenged in a court of law, whereas the Gift Deed can neither be revoked unilaterally by the donor or challenged.
As you would have guessed, in my opinion A Gift Deed option is way better than a Will.