Gifts Flashcards
Inter vivos gift
An ordinary gift of personal property that one living person gives to another. It can not be rescinded.
What are the elements of an inter vivos gift?
Donative intent
Delivery
Acceptance
What is donative intent?
The donor must intend to make an irrevocable, immediate transfer of property interest or title.
What is delivery?
The property must be delivered to the donee, so that the donor parts with dominion and control.
What is Acceptance (gifts not contracts)
When the done acknowledges the gift. The donee must accept the property. (gifts of financial value to the donee are presumed to be accepted.)
What are the three types of delivery?
Manual: an actual physical transfer of property.
Constructive: Giving an object that provides access to a gifted object.
Symbolic: The donor must physically transfer an object that represents or symbolizes the object being transferred.
When are constructive or symbolic deliveries allowed?
Only when manual delivery is impractical or impossible. ( depends on the jurisdiction)
Gift causa mortis
A gift made by a living person in contemplation of death. This gift can be revoked.
What are the elements for a gift causa mortis
Donative intent
Delivery
Acceptance
Donor’s anticipation of death.
Causa Mortis majority rule
A gift causa mortis is effective at the time it is made. It is revoked automatically if the donor does not die.
Brind Rule (gift causa mortis)
The donor must die of the specific illness or peril which they contemplated.
Minority Rule (causa mortis)
A gift causa mortis only becomes effective if and when the donor dies, if they do not die, the gift MAY be revoked.
The difference between the majority and minority rules (causa mortis)
Majority: effective immediately and automatically revoked if the donor doesn’t die.
Minority: Effective when the donor dies and MAY be revoked if the donor doesn’t die
The difference between the Majority rule and the Brind Rule
Majority rule: Donor doesn’t need to die of any specific thing or reason
Brind Rule: Donor must die of the specific illness or peril that they contemplated when the gift was made.
