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 __________, , 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.
A Gift Deed can sometimes be called a:
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.
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.
A revocable Gift Deed is one you can cancel in the future. Donors will sometimes use this type to state their intention to give a gift in the future while retaining the right to cancel it. The donor has the option to revoke the gift until it’s in the recipient's possession.
An irrevocable Gift Deed can't be canceled or withdrawn. LawDepot's irrevocable Gift Deed transfers the recipient ownership of assets and real estate; however, the recipient doesn't immediately receive possession of the gift. The gift first goes into a trust, and once the donor loses capacity or passes away, the appointed agent in the Gift Deed then ensures it reaches the recipient.
When using LawDepot’s Gift Deed, you must specify someone to act as an agent. The agent makes sure that the assets listed in the deed of gift are delivered to the recipient.
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.
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.
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.
You should include the following information in your Gift Deed:
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.
Note: Your initial answers are saved automatically when you preview your document.This screen can be used to save additional copies of your answers.