Free Gift Deed

Q: What are the different types of Gift Deeds?

There are generally two different types of Gift Deeds: a revocable Gift Deed or an irrevocable Gift Deed . With LawDepot's Gift Deed, donors can specify whether the deed is revocable or irrevocable, meaning whether or not it can be cancelled before the gift is transferred. Some donors use a Gift Deed to state their future intention to give a gift. In this scenario, they hold on to the Gift Deed and retain the right to cancel the gift. This is known as a revocable Gift Deed . More commonly, donors use an irrevocable Gift Deed to transfer ownership of the property as soon as the document is signed and delivered to the recipient. An irrevocable Gift Deed cannot be cancelled or withdrawn.

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Gift Deed

Create your Free Gift Deed

Do you want to be able to revoke this gift?

A Gift Deed is useful for giving delayed gifts.

Yes

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Frequently Asked Questions

When should I use a gift deed?When you want proof that a gift that is being made without conditions or in exchange for compensation. It is also useful for giving a gift that will be received at a later time.Can I use a gift deed to donate to charity?Yes. You can use a gift deed to donate property or make a monetary gift to a charity.What is a revocable gift?When you use a revocable gift deed you reserve the right to void the gift at any time before the property is transferred to the recipient.

A revocable gift counts towards the value of your estate. If you want to reduce the size of your estate for tax purposes then you should use an irrevocable gift.

Your Gift Deed

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IRREVOCABLE INTER VIVOS

DEED OF GIFT

FROM: __________

TO: __________

IRREVOCABLE INTER VIVOS

DEED OF GIFT

THIS IS an irrevocable inter vivos Deed of Gift given by me, __________, of __________, ______________________________, United States. My purpose in completing this document is to give effect to my wishes regarding gifts I wish to make during my lifetime to family and friends. To that end, I provide as follows:

I REVOKE all prior dispositions of every kind previously made by me respecting the subject matter of this irrevocable Deed of Gift, whether by a previous Deed of Gift or contained in my Will.
I APPOINT __________, of __________, Virginia, United States to carry out my instructions in this irrevocable Deed of Gift. If __________ has predeceased me, or declines to act as my Agent, or becomes incapable of completing his or her duties, then I appoint __________, of __________, Virginia, United States to be the Agent of this irrevocable Deed of Gift instead of __________, and I declare that the expression "Agent" wherever used throughout this irrevocable Deed of Gift means any alternate Agents.
I GIVE to my Agent all of the property specified in this irrevocable Deed of Gift upon the following trusts:
1. If I have died, or if I have lost contractual capacity, my Agent will transfer the following property to the respective Donee, __________ of __________, Virginia, United States as soon as possible:
  1. $__________ United States Dollars.
2. If __________ has predeceased me:
  1. if I am still living, ownership of the property specified will revert to me or my legal personal representative(s); or
  2. if I have died, the property will revert back to my estate and will be dealt with according to the provisions of my Last Will and Testament.
I declare that, by delivering this irrevocable Deed of Gift to __________, I will be transferring legal ownership of the property to __________, even though I may continue to retain possession of the property. When I die or have lost contractual capacity, I direct my Agent(s) to deliver the property to __________ for his or her own use free and clear of all claims that may exist at that time against me or my estate.
In addition to any power conferred to my Agent by any statute or law, my Agent's powers will also include;
1. without the consent of any person interested under my Last Will and Testament or other legal document, to make any agreement with any other person or corporation, and to compromise, settle or waive any claim or claims at any time and from time to time due to or by my estate in connection with the property referred to in this irrevocable Deed of Gift;
2. to join in or take any action in connection with property held by my estate which forms the subject matter of this my irrevocable Deed of Gift, or to which my estate may be entitled, and to exercise any rights, powers and priviledges which at any time may exist or arise in connection with such property;
3. to do, on my behalf, any and all acts, which I could do if capable, subject to any conditions and restrictions contained herein and, without limiting the generality of the foregoing, to demand, recover and receive from all and every or any person or persons whosoever any investment or asset which forms the subject matter of this my irrevocable Deed of Gift. In the event that this irrevocable Deed of Gift is activated by my loss of mental capacity, my Agent(s) shall have the authority to act as my litigation guardian, if one is required to commence, continue, defend or represent me in any Court proceeding concerning any investment or asset held by my estate, or to which may be entitled, which forms the subject matter of this my irrevocable Deed of Gift;
4. in the event that this irrevocable Deed of Gift becomes effective on my death, to join in or take any action in connection with any property held by my estate which forms the subject matter of this my irrevocable Deed of Gift to ensure that the same is withheld from any division, allocation or distribution of my estate, or of any part thereof, so as to prevent the said investment or asset from being deemed to fall into my residuary estate, and accordingly be subject to the rules of testamentary succession.
5. in case of any difference or dispute with any person or persons concerning the subject matter of this irrevocable Deed of Gift, to submit any such differences and disputes to arbitration or umpirage in such manner as my said Agent(s) shall see fit.
Any person acting as an Agent pursuant to this irrevocable Deed of Gift will be entitled to be reimbursed for all expenses incurred in doing so, and in the event that he or she wishes, will be entitled to be compensated for his or her efforts in so doing, according to the usual scale of fees relating to such activities as if they had been carried out in the context of the administration of an estate, as it is not my intention that any person named as an Agent will be placed in a position where the discharge of his of her duties as an Agent causes him or her financial loss.
The provisions of this irrevocable Deed of Gift and any disputes which may arise will be interpreted, construed or determined in accordance with the laws of ______________________________
I indemnify and release my Agent(s) from any liability which may result from his or her carrying out my instructions in this matter. I instruct any person acting on my behalf pursuant to a Power of Attorney, if I am still alive, or appointed pursuant to any testamentary document if I have died, to hold my Agent(s) fully harmless out of the proceeds of my estate from all costs and expenses incurred by him or her in doing so.

In witness of this irrevocable inter vivos Deed of Gift encompassing 4 pages I have subscribed my name in __________ Virginia, United States this ___ day of ______________________, _______.

SIGNED, PUBLISHED AND DECLARED under seal be the above named __________ as and for his or her irrevocable inter vivos Deed of Gift in the presence of us both present at the same time, who at his or her request, in his or her presence, and in the presence of each other, have hereunto subscribed our names as witnesses.

________________________________________
__________

________________________________________
(First witness)

________________________________________
(Second witness)

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Gift Deed Information

Alternate Names:

A Gift Deed can sometimes be called a:

Deed of Gift

Gift Agreement Between Individuals

Inter Vivos Gift

What is a Gift Deed?

A Gift Deed is a document used to give a sum of money or to transfer ownership of property from one person or organization to another. It is often used to transfer gifts between family members, like if a parent wants to gift property to their child. A Gift Deed can also be used to donate to a non-profit charity or organization. Using this document helps prove that the gift is being given without any conditions or in exchange for compensation.

The person giving the gift is known as the donor, while the person or group receiving the gift is known as the recipient or donee. The donor must also name an agent who will act on their behalf to ensure the gift gets into the hands of the recipient. This is particularly important when the gift is being given to a minor.

What are the different types of Gift Deeds?

There are generally two different types of Gift Deeds: a revocable Gift Deed or an irrevocable Gift Deed. With LawDepot's Gift Deed, donors can specify whether the deed is revocable or irrevocable, meaning whether or not it can be cancelled before the gift is transferred.

Some donors use a Gift Deed to state their future intention to give a gift. In this scenario, they hold on to the Gift Deed and retain the right to cancel the gift. This is known as a revocable Gift Deed.

More commonly, donors use an irrevocable Gift Deed to transfer ownership of the property as soon as the document is signed and delivered to the recipient. An irrevocable Gift Deed cannot be cancelled or withdrawn.

What types of gifts can I use a Gift Deed for?

Most donors use a Gift Deed when giving a gift to family members or close friends. A Gift Deed is often used to give away money, but it can also be used to transfer ownership of securities (like shares or stocks in a business), real estate, or personal property.

Another instance you may want to use a Gift Deed is when making a donation to a non-profit organization or charity. For example, you can use a Gift Deed when giving a monetary gift or donating a car, artwork, or other personal item.

Can I use a Gift Deed to transfer real estate?

In addition to personal items, a Gift Deed can also be used to transfer (or gift) real estate or real property (like a house or piece of land) with no consideration required. However, since real estate usually has value, the recipient may be required to pay tax as per the Internal Revenue Service (IRS) federal gift tax rules.

What is the difference between a Gift Deed and a Quitclaim Deed?

There are two main differences between a Gift Deed and a Quitclaim Deed: a Gift Deed can be revocable whereas a Quitclaim Deed cannot, and a Quitclaim Deed needs to include some sort of payment for the property being transferred in order for it to be valid, whereas a Gift Deed does not.

A Quitclaim Deed is typically used to transfer real property between family members or co-owners of a property, such as a husband and wife. For instance, if you are married but planning to divorce your husband or wife, and you both decide that only one of you should own the family home once the divorce is finalized, a Quitclaim Deed could be used to easily transfer your husband's or wife's interest in the property to you, or vice versa.

What information should be in a Gift Deed?

You should include the following information in your Gift Deed:

Whether or not the Gift Deed can be revoked
Type of gift: monetary or non-monetary
Recipient (donee) information, including whether they are an individual or a charity
Donor information
Agent information

What is the difference between a Gift Deed and a Last Will and Testament?

Unlike a Last Will and Testament, which disburses your property upon death, a Gift Deed is typically used to transfer ownership of money or property while you are still alive.

Furthermore, while a Last Will is subject to revision and must undergo probate, in most cases neither the donor nor the donor's family should be able to contest an irrevocable Gift Deed once it has been signed and delivered.