Deed of Gift Template

What Is the Deed of Gift?

A deed of gift is a legal document that transfers ownership of property from you (the donor) to someone else (the donee) without payment or exchange. Unlike a will that takes effect after death, this transfer happens immediately during your lifetime. The recipient owns the property outright as soon as you deliver the deed.

The template handles all property types: real estate, vehicles, financial assets, collectibles, and personal belongings. You choose whether the gift is revocable or permanent, select title warranties, and determine how multiple recipients own property together. The deed includes gift tax guidance and addresses Medicaid implications for those concerned with long-term care planning.

 

 

Is This Deed of Gift Right for You?

You need this deed if you're:

• Giving real estate to children or family members
• Transferring vehicles, jewelry, or other valuable property
• Making cash gifts exceeding annual tax exclusions
• Gifting artwork, collectibles, or family heirlooms
• Helping adult children with down payments or major purchases
• Transferring investment accounts or financial assets

You definitely need this deed if:

• Your gift exceeds $18,000 to any one person this year
• You're transferring titled property like real estate or vehicles
• You need documentation for tax reporting purposes
• The recipient requires proof of ownership for institutions
• You want protection against later disputes about intent

 

 

Why Thousands Trust Legal GPS Templates

Save Money: Attorney-drafted gift deeds cost $500-$1,800. This template costs $35.

Save Time: Download instantly and complete in under two hours. No appointments needed.

Look Professional: Attorney-quality language that county recorders, DMVs, and financial institutions accept without question.

Keeps You Out of Court: Clear irrevocability and delivery provisions prevent later disputes. Comprehensive tax guidance protects against IRS challenges. Detailed warranties define your obligations and limit exposure to title defects.

 

 

 

Get Protected in 3 Simple Steps

Step 1: Secure Checkout

Purchase and instantly download your deed of gift template in Microsoft Word format.

Step 2: Instant Download

Open the template and select the property type you're gifting. Choose your warranties and distribution options.

Step 3: Fill In the Highlighted Fields

Complete the property description and recipient information. Have it notarized and deliver the deed along with the property.

 

Frequently Asked Questions

Can I use this template multiple times?

Yes. After purchasing, you can reuse the template for multiple gifts to different people or for different properties. Most people execute one deed per gift, but you can make multiple gifts using separate deeds.

Is this contract legally binding?

Yes. Once properly executed, notarized, and delivered along with the property, this deed creates a legally binding transfer. However, you can choose whether the gift is revocable (you can take it back) or irrevocable (permanent).

Do I have to pay gift tax when I give property?

Not usually. For 2024, you can give up to $18,000 per person per year with no gift tax or reporting requirement. Gifts above this amount reduce your lifetime exemption but rarely trigger actual tax unless you've given away over $13 million total. You must file a gift tax return for gifts exceeding the annual exclusion, but you typically won't owe tax.

Should I gift property during my lifetime or leave it in my will?

This depends on tax implications. Property you gift during life transfers your cost basis to the recipient, creating capital gains tax when they sell. Property inherited at death receives a stepped-up basis equal to its date-of-death value, eliminating capital gains tax. For appreciated property, inheritance often produces better tax outcomes than lifetime gifts.

What's the difference between this and a quitclaim deed?

A deed of gift explicitly states the transfer is a gift with no payment expected. A quitclaim deed simply transfers whatever interest you have without specifying why. Deeds of gift include gift-specific provisions like tax implications, delivery requirements, and donative intent declarations that quitclaim deeds lack.

Can I take the gift back if circumstances change?

Only if you choose the revocable option when completing the deed. Irrevocable gifts cannot be undone even if your financial situation changes, your relationship with the recipient deteriorates, or you regret the decision. Choose carefully based on your certainty about the transfer.