A deed of gift is a legal document used to transfer property or money as a gift without exchange or work. The donor must sign and testify, and witnesses must be disinterested parties. Revocable deeds can be revoked, while irrevocable deeds cannot be changed.
A deed of gift is an official legal document used to give a gift of property or money to another person. It transfers the money or ownership of property from the recipient, without exchanging money or any other type of property. The transfer also takes place without requiring the recipient to work for what he receives. Property transferred in this way is usually given out of the love and affection the donor has for the recipient.
The person who creates and executes a deed of gift to transfer money or property from himself to another person is called a donor. While he may own a 100% interest in the property he intends to transfer in this manner, his signature is not sufficient to make the document legal. Instead, the donor must sign the form and have him testify. The number of signatures required can vary from place to place, but many jurisdictions require two witnesses.
Persons who sign as witnesses must be disinterested parties, which means they cannot have a stake in the transfer of property. If the person benefits or suffers damage as a result of the transfer of property, she cannot be considered disinterested and cannot act as a witness. For example, the wife of a person receiving property may not be allowed to witness the document, as she may benefit from the gift. There may be other requirements for witnessing the gift, depending on the jurisdiction where it is being made.
Sometimes, people create revocable deeds. In such a situation, the donor draws up the document but does not deliver it to the recipient right away. Instead, he holds the document until he feels ready to give it to the recipient. In such a case, the giver may revoke the gift if he sees fit, and he must not hand over or deliver the property or money to the recipient, even if the deed is complete, signed and witnessed.
A donor cannot modify or revoke an irrevocable deed of gift. In this situation, the owner draws up the document and has it signed and testified in accordance with the laws of his jurisdiction. Once the document is delivered to the recipient, the recipient assumes immediate legal ownership of the gift. The donor cannot change his mind and reclaim the money or property he transferred in this way.
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