Deed of Gift (BC)

Summary

This precedent is a deed of gift, which is used to transfer personal (as opposed to real) property into the joint names of the client and the person to whom the client wishes to transfer the gift. The deed may be signed before or after the property is transferred. The deed may be signed before or after the property is transferred. It contains practical guidance and drafting notes. There are three potential outcomes where property is owned jointly: the added joint owner(s) may hold the property on a resulting trust for the benefit of the original owner; the transferor intends to make a gift of the property; or the transferor intends only to gift the right of survivorship. To prevent litigation after the transferor's death, the intention of the original owner should be clearly documented. A deed of gift is an inexpensive and effective tool to establish a client’s intent to make a gift of an asset being transferred to joint tenancy. Where the property is personal in nature (eg. Bank ...