Chapter V　GIFTS AND JOINT BANK ACCOUNTS

A.Gifts in General

1.A gift is a voluntary transfer of property by one person to another without consideration or compensation.The person who makes the gift is called the “donor” and the person to whom the gift is made is called the “donee”.

2.A gift is a present transfer of an interest in property.If the transfer is to take effect in the future，it is a mere promise to make a gift and unenforceable in the absence of consideration.

3.A present gift of either a present or a future interest is valid.There is no necessity that the gift be of the entire interest in the property.

4.A gift made in a person’s will does not take effect when the will is signed.It takes effect when the person dies unless between the time the will was signed and the person’s death the will was revoked.The recipient of the gift in the will has no property right in the subject matter of the gift until the testator dies.Gifts made in wills are called bequests，legacies，or devises.

5.A gift of property during the donor’s lifetime is valid only if there was intent，delivery and acceptance.

a） A will is a legal document executed by a person who is called a testator.Generally，to be valid a will must be signed by a testator and witnessed by at least two witnesses.

b） Intent to Make a Gift–Donative intent is determined primarily by the words of the donor.In doubtful cases，however，the court will consider the surrounding circumstances，the relationship of the parties，the size of the gift in relation to the total amount of the donor’s property，and the conduct of the donor towards the property after the purported gift.

c） Delivery

i.Delivery is essential for a gift，but what constitutes delivery depends upon the circumstances.

ii.If the subject matter of a gift cannot reasonably be delivered manually，or the circumstances do not permit it，a symbolic or constructive delivery may suffice.

iii.A delivery is symbolic when something is transferred to the donee in place of the subject matter of the gift； a constructive delivery is the transfer to the donee of the means of obtaining possession and control of the property.

iv.If the subject matter of the gift is already in the hands of the donee，delivery is not necessary.

v.A delivery to a third person on behalf of the donee is a sufficient delivery to satisfy the delivery requirement if the third person is an agent or trustee of the donee and not an agent，bailee，or trustee of the donor.Whether the person to whom the property is transferred is an agent or trustee of the donee or agent，bailee，or trustee of the donor depends upon the facts and circumstances of the case.

d） Acceptance–Acceptance by the donee is required for a valid gift.The donee may refuse to accept since one cannot have property thrust upon him in an inter vivos transaction against his will.However，acceptance is generally presumed if the gift is beneficial to the donee.