Deed of Gift - Cash, Assets & Unpaid Present Entitlements

About Product

A person, company, trust or SMSF may seek to gift cash or an asset to a charity, education institution or another person or entity. This Deed caters for such a gift with a receipt and an acknowledgment. 

In addition, it can be used for unpaid present entitlements owed to discretionary trust beneficiaries.

General Information 

We provide gifts many times in our lives without necessarily knowing.  These are generally not evidenced and a later dispute that a gift was a borrowing can be easily be refuted with an executed Deed of Gift. 

Likewise, beneficiaries of a discretionary trust may not seek to receive unpaid present entitlements but over time seek to reclaim against the trustee.  It is important for the Trustee to put in place a Deed of Gift to cover that consequence.

Benefits

• An executed Deed of Gift provides evidence that the Gifter has gifted something to a Giftee thereby preventing further legal fights.
• It can be used as evidence of a charitable gift for tax-deductible purposes provided the Charity is registered.
• The gift can be used by the Trustee of a discretionary trust to be used with any trust distribution – after of course, to gift any unpaid present entitlement to the trust.
• A wide range of flexibility for all types of gifts includes Cash, in-kind and in-specie plus unpaid present entitlements.

Frequently Asked Legal Questions

Do LightYear Docs Deed of Gift package meet the Taxation Law?

The Deed of Gift can be used for many purposes and depending on the purpose the parties may seek the advice of a qualified lawyer to ensure that the Deed of Gift meets its desired or requisite purpose.

What lawyers sign off on the Deed of Gift?

All LightYear documents are prepared and signed off by Abbott & Mourly form Melbourne, Sydney and Brisbane.

Is there any training on Documents?

We have Deed of Gift training, as with all our documents on the LightYear Docs website under the Support section – in webinars and videos.

Can a Gift be made in-specie?

Absolutely.  There is a wide range of possibilities for in-specie, or property transfer options covered in the Deed of Gift. However, care should be had that the property transfer meets any other legal requirements.

Can a gift be deductible?

The gift may be deductible if paid to a charity or public benevolent institution registered for taxation purposes.

Can a gift be made in-specie

Work done for a charity or any other entity or person which is not charged can be seen as a gift and should be evidenced as a Deed of Gift.  However, whether it is deductible as consideration may be better paid.  A strategy is to use a Promissory Note as a passing of cash with extinguishment of the PN later at the time of a Deed of Gift.

Can I get a sample of this document?

Yes, please email [e-mail] to request a sample document for you to review.

What lawyers sign off on the LightYear Docs Deed of Gift?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Is the LightYear Docs Deed of Gift reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal document review cycle. All documents are scheduled to be reviewed at least annually or when required to do so due to changes in legislation. The LightYear Docs review cycle ensures all of our documents remain current and accurate.

Can this document be digitally signed?

YES. In line with current legislation, our legal partner Abbott & Mourly have advised that digital signatures are legally binding on this document. (Note: Integration with HelloSign coming soon to Lightyear Docs).

What happens after I purchase this document?

After you purchase this document, you will experience first-hand the power of our assembly engine, HotDocs. An interview session will appear in what is called the HotDocs iFrame. Through the use of the iFrame technology, we are able to create document templates in minutes, versus months of coding through other methods. The iFrame also allows for rapid integrations and documentation to be assembled instantly in "lines" or packs of documents.

Can I edit my document after it has been completed?

Your document will be available to edit from the LightYear Vault for 30 DAYS after you have completed the interview process, at which point it will be locked for future edits. Your completed documents will be listed under "My Vault" from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to make edits within the first 30 DAYS. 

Can I save a document to complete later?

Yes, provided you select save, you can exit the interview process at any time. All documents that have been purchased and not yet assembled will be saved under "My In Progress Docs" and are accessible from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to continue the interview process and assemble your document.