Gifts Flashcards
1
Q
inter vivos gift
A
Gift made during donor’s lifetime
2
Q
testamentary gift
A
effective only after donor dies.
3
Q
donor
A
person who makes the gift
4
Q
donee
A
person who receives the gift
5
Q
Reversionary right
A
Unstable property right where donor reserves the right to take back the gift on occurrence or non-occurrence of a gift condition. Operates like a prepossessory right that exists for a short period of time and you can retain a % of ownership.
6
Q
By operation of law
A
as it says
7
Q
Present interest
A
Present possessory interest
8
Q
Future interest
A
Future possessory interest
9
Q
Gift causta mortis
A
gift of personal property made by a living person in contemplation of death.
10
Q
Donatio Mortis Causa
A
on the occasion of death
