You can easily create a customised Gift Deed by filling out LawDepot's questionnaire. Using our template will ensure you complete the necessary steps:
1. State if your Gift Deed is revocable or irrevocable
Start by deciding which type of Gift Deed you want to create: revocable or irrevocable.
A revocable Gift Deed is one you can cancel in future. Donors will sometimes use this type to state their future intention to give a gift while retaining the right to cancel it. The donor has until the gift is in the recipient's possession to revoke the gift.
An irrevocable Gift Deed can't be cancelled or withdrawn. LawDepot’s irrevocable Gift Deed transfers ownership of assets and real estate to the recipient. However, the recipient doesn’t receive possession of the gift immediately. The gift goes into a trust, and the appointed agent in the Gift Deed ensures it reaches the recipient once the donor passes away.
2. Describe the type of gift you’re giving
If your gift is monetary (a sum of money), state the amount of money you’re giving to the recipient.
If you’re giving a non-monetary gift, describe it in as much detail as possible. For example, if you’re giving the recipient a vehicle, include its year, make, model, condition, interior features, mileage, and vehicle identification number.
Each state and territory in Australia has its own property laws. Review the property laws in your location if you’re transferring land to a recipient:
There are three parties in a Gift Deed: donor, recipient, and agent.
The donor is the party giving the gift, and the recipient is the party receiving it. The third party is an agent, who delivers the gift to the recipient based upon the donor's directions in the Gift Deed. It’s also a good idea to name a replacement agent in case the original agent doesn’t want the responsibility or predeceases the donor.
LawDepot’s Gift Deed requires an agent to act as a go-between when transferring possession of the gift from the donor to the recipient.
Provide each party’s full name, city or town, and state or territory. For the recipient, also include if they are an individual or charity.
Finish your Gift Deed by stating which city and state or territory you’re signing the document in. LawDepot’s contract also includes space for two witnesses to provide their signatures.