Free Gift Deed

Free Gift Deed

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Create Your Free
Gift Deed

  1. Answer a few simple questions
  2. Email, download or print instantly
  3. Just takes 5 minutes

Gift Deed

Create your Free Gift Deed

Create your Free Gift Deed

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 __________, , Canada. 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:

  1. 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.
  2. I APPOINT __________, of __________, Alberta, Canada 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 __________, Alberta, Canada 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.
  3. 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 __________, Alberta, Canada as soon as possible:
      1. $0.00 Canadian 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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 .
  8. 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 __________ Alberta, Canada 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)

Gift Deed

Other Names:

A Gift Deed is also known as:

  • Deed of Gift
  • Registered Gift Deed

What is a Gift Deed?

A Gift Deed is a legal document used to formally give a sum of money or transfer ownership of property to another person or organization. Using a Gift Deed means that the transfer is gratuitous: the donor—the person giving the gift—does so without any conditions, and with no expectation of future compensation.

What types of Gift Deed are there?

A Gift Deed can be revocable or irrevocable. A revocable Gift Deed lets the donor cancel the gift at any time before the gift is delivered to the recipient. Even if you give a revocable Gift Deed to your intended recipient, you are under no legal obligation to hand over the gift.

An irrevocable Gift Deed is legally binding as soon as the donor gives the Gift Deed to the recipient. In this instance, you cannot revoke the gift; you have a legal obligation to give the money or item to the recipient.

Money or items listed in an irrevocable Gift Deed are no longer considered to be part of your personal estate. An irrevocable Gift Deed could be used to keep certain items from being contested in your Last Will and Testament.

A donor using a Gift Deed must specify someone to act as their agent. The agent ensures that the money or item listed in the deed of gift is delivered to the recipient of the gift.

When should I use a Gift Deed?

Here are some situations where you could use a Gift Deed:

Charitable Gift: You may decide you want to give a significant cash donation to a charitable cause, or give them an item of value which they can sell or auction for money. Or, you may want to transfer ownership of a relevant antique object to a non-profit museum or preservation society. A Gift Deed enables you to officially document your contribution.

Family Heirlooms: It can be more satisfying to transfer ownership of a treasured family heirloom while both the giver and recipient are still alive, rather than having the item bequeathed in a Last Will and Testament. You could use a Gift Deed in this instance to make your gift of a family heirloom more memorable for you and your loved one.

Pre-Estate Bequest: With an irrevocable Gift Deed, the money or items listed in the document are no longer considered to be part of your estate. An irrevocable Gift Deed can potentially keep a specific item from being contested in your Last Will and Testament.

Related Documents:

  • Last Will and Testament: A legal document that specifies how your estate will be distributed after you pass away.
  • Letter of Intent: A non-binding document that outlines the details of a potential transaction between two or more parties.
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