Gifts Flashcards
Gift elements
a) intent to make a present transfer: give up rights
b) delivery of the gift: actual, constructive, or symbolic
c) acceptance: valuable gifts are presumed accepted
Donor
One who gives something without receiving consideration for the tranfer
Donee
One to whom the gift is made, recipient
Constructive delivery
Handing over something that will provide access to the gift; ex: a key or code
Symbolic delivery
Handing over something symbolic of the property; ex: a printed concert ticket receipt
Actual delivery
Actually handing over the gift
Gift causa mortis
A gift made in contemplation of death from some immediate illness. If the donor does not pass, they get the gift back
Inter vivos delivery
A gift made between living people
Residuary
Residual items left from a will
General
A general amount given to someone
Demonstrative
Can come from a specific source, but be a general amount
Specific
A specifically identified amount and/or source
Classification by failure
a) residuary
b) general
c) demonstrative
d) specific
