A gift is transferring property for nothing in return.
There are four types of gifts:
Inter Vivos Gift
The most common type of gift is an inter vivos gift.
An inter vivos gift is the immediate, voluntary, gratuitous, and irrevocable transfer of title between living persons.
It has three requirements:
- The donor must have donative intent.
- The donor must deliver the object of the gift.
- Delivery can be actual or constructive. Actual delivery is required unless it is not possible.
- Usually concluded to require giving up dominion and control to the donee.
- The donee must accept the object of the gift.
- Acceptance is assumed when the gift is valuable and unconditional.
Conditional gifts take effect immediately but are subject to a condition that will terminate the donees' ownership if it occurs.
Gift Causa Mortis
A gift causa mortis is one that gives the property immediately, subject to a condition subsequent of being terminated if:
- The donor changes his mind and revokes the gift.
- The donor does not actually die as a result of the particular peril that placed him in contemplation of imminent death.
If the donor dies without expressing an intention to revoke the fit, the gift becomes absolute.
Gifts causa mortis have the same requirements as an inter vivos gift.
Gift of Future Interest
Some states allow a person to give only the future interest to something.
Gifts of future interest do not require delivery.