Acquisition by Gift

Question 1

Inter Vivos Gift

Answer 1

Traditional gift during life

Question 2

Three elements of IVG:

Answer 2

1) Intent
2) Delivery
3) Acceptance

Question 3

Intent (IVG)

Answer 3

Donor must intend to IMMEDIATELY transfer a property interest, must intend to be immediately bound

Question 4

Delivery (IVG)

Answer 4

Three types:
1) Manual Delivery
2) Constructive Delivery
3) Symbolic Delivery

Question 5

Manual Delivery (IVG)

Answer 5

Physically handing it; if possible this MUST happen

Question 6

Constructive Delivery (IVG)

Answer 6

Usually allowed; giving access (key, code, location, etc.)

Question 7

Symbolic Delivery (IVG)

Answer 7

Disfavored; easily forged (i.e. note, picture, etc.)

Question 8

Acceptance (IVG)

Answer 8

Presumed if gift is of value; need clear evidence of rejection; final and irrevocable on acceptance

Question 9

Causa Mortis

Answer 9

Gift made because donor believes they are about to die; like an emergency substitute for a will

Question 10

Testamentary

Answer 10

Gifts that takes effect at the donor’s death

Question 11

Testamentary Capacity

Answer 11

T must be capable of understanding:
1) The business he was engaged in
2) Nature and extent of his property
3) Persons to whom he meant to devise and bequeath his property
4) Mode of distribution among them
5) Must have had memory sufficient to collect in his mind the element of the business to be transferred and hold them to perceive relation and form a reasonable judgment

Question 12

Will Execution Requirements: Functions

Answer 12

1) Evidentiary function
2) Cautionary function
3) Channeling function
4) Protective function

Question 13

Intestacy

Answer 13

No will? State intestacy laws apply