Washington Agreement for Conditional Gifts
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How to fill out Agreement For Conditional Gifts?
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FAQ
A conditional gift requires specific conditions to be met before it is fulfilled, while a gratuitous promise is a commitment that lacks any binding conditions. Therefore, the recipient of a conditional gift must meet the outlined criteria for the gift to be valid. Understanding these distinctions is key when utilizing a Washington Agreement for Conditional Gifts to ensure your legal intentions are realized.
A conditional gift is one which is based on some future event or action taking place. If the event doesn't occur, then the gift-giver has the right to get the gift back. Most courts classify engagement rings as a conditional gift and award the engagement ring to the giver in broken engagement cases.
If the condition is viewed simply as a necessary part of making the gift, the promise is donative and unenforceable. However, if the parties view performance of the condition as the actual price of the gift, then there is a bargain and the promise is enforceable.
A gift is a conditional gift and it is not final until some future event occurs. If the particular event does not occur, the person making the gift has the right to get back the gift. A common example of conditional gift is A shall gift his car to C, if C is alive at A's death.
There are two main forms of conditional gifts in trusts: condition precedent gifts and condition subsequent gifts.
A conditional gift is where the gift deed turns invalid if a certain condition which, had to be fulfilled was not. Conditions have to be made before or at the time of making the gift; it cannot be added later. A condition has to be uncertain or something that is not in the control of the donor.
1. The gift deed can be conditional or unconditional. If the gift deed is conditional then either the title may pass to the donee if the condition precedent is met, or the transfer of title may be revoked if the condition is not met.
Not only do you select the beneficiaries, but you can go a step further and require that the beneficiary meet certain conditions. This is known as conditional gifting.