Legal Definition Gift

Donation, in law, a gift or a free thing. The term is generally limited to transfers of real estate or personal property free of charge between living persons (among the living). A valid donation requires: (1) a qualified donor; (2) an eligible donee; (3) an existing identifiable element or interest; (4) the intention to make a gift; (5) Delivery; that is, a transfer of possession to or for the donee and a renunciation by the donor of ownership, control and revocation by the donor (except in gifts of property upon death, i.e. gifts made by someone who believes they are close to death and which do not become final until the death of the donor); and (6) acceptance by the recipient. Under French law, formal acceptance is required, but Anglo-American law recognizes tacit acceptance. Basically, any form of ownership can be transferred as a gift, as well as various types of assets. These include: Delivery The delivery of a gift is made when it is made directly to the recipient or on behalf of the recipient to a third party. In the case where the third party is the donor`s agent, bailiff or trustee, delivery is not completed until that person has actually handed over the property to the donee. Not all transfers of ownership are considered gifts.

The term «gift» has a legal meaning and only transfers that meet all the evidence are classified as gifts. Although laws may vary from region to region, proof of a gift is general: the gift must be given to the recipient. [1] If the gift is of a type that cannot be delivered in the traditional sense – a house or bank account – the delivery may be made by implied delivery, i.e. a tangible element allowing access to the gift – a deed or key to the house, a booklet for the bank account – is delivered. Symbolic delivery is sometimes also allowed when manual delivery is not practical, such as handing over a key that does not open anything, but is intended to symbolize the transfer of ownership. n. The voluntary transfer of goods (including money) to another person completely free of payment or conditions, while the donor and recipient are still alive. Large gifts are subject to federal gift tax and, in some states, state gift tax. Finally, services are generally not considered goods and therefore cannot be the subject of a transfer of donations. The donor must have the legal capacity to make a donation. For example, infants or people who are unable to take care of their own affairs have a legal barrier to making a gift. A majority of states are convenient in terms of delivery demand.

If the donor and donee live in the same house, it is generally not necessary for the gift to be removed from the house to allow for delivery. If the donee owns the property at the time the donor also transfers ownership to the person, it is not necessary to hand over the property in either direction to make a legal delivery. Evidence that the donor has waived any claim to the gift and has acknowledged the donee`s right to exercise control over the gift is generally sufficient to indicate that a gift has been made. A gift is the voluntary transfer of property or funds to another, without receiving anything of value in return and without conditions, while the donor and recipient are still alive. The donor must understand the nature of the act and have a voluntary intention to make a gift, which is called the intention to make a gift. There must be a physical or symbolic delivery of the gift and actual or presumed acceptance by the recipient. A gift among the living is different from a sale, loan or barter because in each of these transfers, something is given in exchange for the benefit. Whether the declared value is a cash price, a percentage interest rate, an equivalent asset or a promise to repay, the exchange element makes these transfers more than a gift. Causa mortis gifts are usually made in a very informal way and are often made because the dying want to be sure that their favorite possession goes to someone they choose. A donor approaching death can make a donation by declaring their intention in writing.

This procedure may be used if, for example, the donee is located in another country and personal delivery is therefore impracticable. The courts allow the donee to keep the gift only if the donor clearly intended to make the gift at the time of the gift. If the gift is made in writing in a will and is not to take effect until after the death of the donor, it is a testamentary gift. The law in any jurisdiction is very strict regarding the characteristics that make a will valid. A prerequisite is, for example, that the will be signed by witnesses.