You are reading this message because your browser either does not support JavaScript or has it disabled. Please enable JavaScript and Cookies in order to use this site.
If your browser is not JavaScript capable, you can obtain either Firefox or Microsoft Internet Explorer. Under Linux, any browser using the latest Mozilla engine should work.
IRREVOCABLE INTER VIVOSDEED OF GIFTFROM: __________TO: __________
THIS IS an irrevocable inter vivos Deed of Gift given by me, __________, of __________, Virginia, 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:
In witness of this irrevocable inter vivos Deed of Gift encompassing four 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.
Last Updated January 7, 2025
Written by
Reviewed by
|
Fact checked by
A Gift Deed, or a Deed of Gift, is a document you use to give property, assets, or money to another party without receiving monetary consideration in return. Instead, you give something out of love and affection.
The primary purpose of a Gift Deed is to legally establish and document your intention to give something as a gift. Gift Deeds work for both immediate and delayed gifts.
Gift Deeds are also known as:
The parties involved in a Gift Deed are as follows:
Note: LawDepot's Gift Deed template requires donors to appoint an agent.
Generally, you can use a Gift Deed for the following types of gifts:
There are multiple types of Gift Deeds, each with distinct qualities. Our template only creates inter vivos Gift Deeds, meaning gifts are given during the donor’s life.
Our template can accommodate revocable and irrevocable Gift Deeds. As their names suggest, here’s how they differ:
Besides the types noted above, a Gift Deed can also be causa mortis, meaning it comes into effect after the donor’s passing. Our template doesn’t support causa mortis deeds.
In LawDepot's revocable Gift Deed, the agent gives the gift and deed to the recipient on the same date the donor signs the deed. Legal ownership of the gift also passes to the recipient on this day.
To give the gift at a later date, wait to sign your revocable Gift Deed until you are ready to give the gift.
The donor may revoke the gift at any time until they pass away or lose contractual capacity. Once they pass away, the agent will transfer the gifted property to the recipient as soon as possible.
With LawDepot's irrevocable Gift Deed, the gift goes into a trust.
By delivering the irrevocable Gift Deed to the recipient, the donor transfers legal ownership to the recipient, even though the donor may continue to retain possession of the property. Once the donor gives the document to the recipient, the donor cannot change their mind and reclaim the gift.
When the donor passes away or loses contractual capacity, the agent delivers the gifted property to the recipient.
Here are three common purposes and situations where Gift Deeds are used:
Families commonly use Gift Deeds to transfer real estate or assets. For example, parents or grandparents may use a Gift Deed to gift a family cabin to their children or grandchildren. Or, a mother may give her daughter specific valuables, such as jewelry, and document it with a Gift Deed.
Some individuals use Gift Deeds to donate property or assets to charitable organizations or nonprofits. This can have tax benefits for the donor, such as deductions for charitable contributions.
Gift Deeds can be part of an individual's estate planning strategy. By gifting assets during their lifetime, individuals can reduce the size of their taxable estate, potentially lowering estate taxes.
Gifting assets during one's lifetime can help reduce potential inheritance disputes among heirs since the donor's intentions are clear.
Unlike a Will, assets transferred through a Gift Deed avoid the probate process. This means the gifts pass directly to the recipient without court involvement, speeding up the transfer process.
The easiest way to create a Gift Deed is by using a template. After specifying whether or not the Gift Deed can be revoked, you’ll have to provide the following information:
Here are the main differences between a Gift Deed and a Quitclaim Deed:
Gift and Quitclaim Deeds don’t provide the recipient with any guarantee that the given property is outrightly owned by the owner.
Here are the main differences between a Gift Deed and a Last Will and Testament:
One way Gift Deeds and Wills are similar is that they’re both irrevocable upon the creator’s death.
Yes, a Gift Deed is a legally binding document if it’s properly signed and witnessed and it indicates the donor's intention to gift the property or asset without any exchange of money or valuable consideration.
Yes, you must sign your Gift Deed with two witnesses to ensure it’s enforceable. A witness must be a third party who isn’t benefitting in any way from the gift. For example, you should not use the gift recipient's spouse or children as witnesses.
A Gift Deed doesn’t need to be notarized for it to be legally binding. However, notarizing your Gift Deed can be an extra step that further validates your intention to give a gift.
Depending on local laws and the gift type, recording the Gift Deed with the appropriate government authority, such as the county recorder's office, may be necessary to provide public notice of the transfer.
If a Gift Deed is revocable, then it can be canceled. If a Gift Deed is irrevocable, the donor cannot cancel it once they deliver the document to the recipient.
With LawDepot’s revocable Gift Deed template, we attach a Revocation of Inter Vivos Deed of Gift, which you can use whenever (and if ever) you need to revoke the gift.
Sample
Gift Deed
Personalize your Gift Deed form. Print or download in minutes.
Create Your Gift Deed
Note: Your initial answers are saved automatically when you preview your document.This screen can be used to save additional copies of your answers.