Gift agreements
Record that something is a gift, not a loan, and set out any request or condition that goes with it.
Record a gift of money or property, and its terms.
- Personal / Legal document
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Key features
What is given
Money in figures and words, or property described so it can be identified, with serial or account numbers.
A gift, not a loan
A clause that nothing is to be repaid and the donor keeps no interest in it.
Purpose, requests and conditions
Whether it is for a stated purpose, requests that are not conditions, and a separate section for a condition.
What the donor confirms
That it is theirs to give, free of any claim they know of, given freely and without breaking an agreement.
Taxes, transfer and receipt
Who deals with any tax and transfer costs, signing what is needed to transfer title, and the recipient's confirmation of receipt.
About this document
A gift agreement records that one person is giving money or property to another and that it is a gift: the recipient does not repay it and the donor keeps no interest or right to ask for it back. It says when and how it is handed over, whether it is for a purpose, and anything the donor asks of the recipient.
This blank form is signed by donor and recipient. Gifts can have tax, benefit and property-transfer consequences, and some property needs a particular document to transfer it, which differ by state, so check before relying on it for land or large sums. For land there is a separate gift deed.
Is this document right for you?
Useful when
- A family member is helping with a deposit or tuition
- You want a record that a payment was a gift, not a loan
- Someone gives you a valuable item and you want it documented
Commonly used by
- Parents and grandparents
- Family members helping each other
- Donors giving valuable property
Not sure? about your situation first.
Alternatives
These are separate documents, for different jobs.
- Gift deedFormally give property to someone as a gift.View document
- Personal loan agreementsPut money lent between people on clear terms.View document
- Family agreementsPut an arrangement between family members in writing.View document
- Bill of SaleRecord the sale and transfer of an item from seller to buyer.View document
When to use this
- A parent gives a child money towards a home deposit
- A relative gives a vehicle
- A donor gives money for a stated purpose with a request attached
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More in Cohabitation & Family Agreements
- Cohabitation AgreementSet out how a couple living together shares property and costs.View document
- Domestic Partnership AgreementSet out the terms between domestic partners.View document
- Family agreementsPut an arrangement between family members in writing.View document
- Child medical consentLet another adult agree to medical care for your child.View document
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Questions
About the gift agreements
It does not address tax. Tax treatment depends on the amount, the parties and the rules that apply, so ask an adviser.
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