Legal Definitions - inter vivos gift

An inter vivos gift refers to a transfer of property or assets made by one living person (the donor) to another living person or entity (the donee) during the donor's lifetime. The Latin phrase "inter vivos" literally means "between the living."

For a transfer to be legally recognized as an inter vivos gift, several key conditions must typically be met:

• The donor must have a clear intent to make an immediate and final transfer of ownership.
• The property must be delivered to the donee, either physically or symbolically (e.g., handing over a deed or title).
• The donee must accept the gift.

Once these conditions are satisfied, an inter vivos gift is generally considered irrevocable, meaning the donor cannot take it back.

Here are some examples illustrating an inter vivos gift:

• Example 1: Financial Assistance for a Home
  After her daughter, Lisa, found her dream home, Mrs. Chen decided to help her with the down payment. Mrs. Chen transferred $75,000 from her savings account directly into Lisa's bank account, stating, "This is a gift to help you start your new life." Lisa accepted the money and used it for the purchase.

  Explanation: Mrs. Chen (the donor) was alive when she made the transfer to Lisa (the donee), who was also alive. Mrs. Chen clearly intended to give the money, delivered it by transferring funds, and Lisa accepted it. This transfer is an irrevocable inter vivos gift, as Mrs. Chen cannot later demand the money back.

• Example 2: Transfer of a Family Vacation Property
  Mr. Rodriguez, wanting to ensure his grandchildren could enjoy the family's lakeside cabin for generations, signed a new deed transferring ownership of the cabin from himself to his three adult grandchildren as joint tenants. He then presented the recorded deed to them during a family gathering.

  Explanation: Mr. Rodriguez (the donor) was alive when he executed the deed and delivered it to his grandchildren (the donees), who were also alive. He demonstrated his intent to transfer ownership, completed the legal delivery of the property through the deed, and his grandchildren accepted the gift. This is an inter vivos gift of real estate, making the grandchildren the new, irrevocable owners.

• Example 3: Donation of Artwork to a Museum
  A renowned painter, Ms. Evelyn Reed, decided to donate her iconic landscape painting, "Sunrise Over the Peaks," to the National Gallery of Art. She formally signed a deed of gift, and the museum arranged for the painting's transport and display in its permanent collection.

  Explanation: Ms. Reed (the donor) was alive when she made the donation to the National Gallery of Art (the donee entity). She clearly intended to give the painting, delivered it through the formal deed of gift and physical transfer, and the museum accepted it into its collection. This constitutes an inter vivos gift, and the museum now irrevocably owns the artwork.