Define: Completed Gift

A completed gift refers to a transfer of property or assets from one person (the donor) to another person (the recipient) without any conditions or expectations of receiving anything in return.

A completed gift is a transfer of property that is immediately effective and irrevocable, meaning the donor no longer has any control or ownership over the gifted property. On the other hand, a conditional gift is subject to certain conditions or requirements that must be met before the transfer is considered complete.

No, once a gift is completed, it cannot be revoked or canceled by the donor. The recipient becomes the legal owner of the gifted property, and the donor no longer has any rights or control over it.

Yes, for a gift to be considered completed, there are certain legal requirements that must be met. These include the intention of the donor to make a gift, the delivery of the gifted property to the recipient, and the acceptance of the gift by the recipient.

In some cases, a completed gift can be challenged or contested if there is evidence of fraud, duress, undue influence, or lack of capacity on the part of the donor. However, such challenges are generally difficult to prove and require strong evidence.

Yes, completed gifts may have tax implications, particularly in relation to gift taxes. Depending on the value of the gifted property and the applicable tax laws, the donor may be required to pay gift taxes or file a gift tax return.

In most cases, a completed gift does not need to be in writing. It can be made verbally or through actions that clearly demonstrate the intention to make a gift. However, for certain types of property, such as real estate or vehicles, a written document may be required for the transfer to be legally valid.

Yes, a completed gift can be made to a minor. However, since minors are generally not legally capable of managing property, a guardian or custodian may need to be appointed to manage the gifted property on behalf of the minor until they reach the age of majority.

Yes, a completed gift can be made to a charitable organisation. In fact, such gifts may have additional tax benefits for the donor, as they may be eligible for charitable deductions on their tax returns.

Yes, a completed gift can be made in anticipation of death, often referred to as a “gift causa mortis.” However, for such a gift to be valid, certain conditions must be met, such as the donor being in imminent peril of death and the gift being contingent upon the donor’s death.