A Gift Deed is used to transfer an article of monetary or sentimental value to a family member or
friend. It can also be used to donate items to an organization of the donor’s choice, such as a
museum. The donor will retain physical possession of the gift until the gift is transferred, or the
donor becomes mentally incapacitated or dies. There are two types of gift deeds: revocable and
irrevocable. With a revocable gift deed, the donor keeps the legal document until he or she decides
to give the document to the recipient of the gift. The donor can, at any time, revoke the gift deed
document, and is not legally obligated to give the gift. With an irrevocable gift deed, the recipient of
the gift becomes its legal owner as soon as the donor physically delivers the gift deed document to
him or her. The gift cannot ever be revoked. In both cases, the right to obtain physical delivery of the
gift is postponed until the gift is actually given, or the donor becomes mentally incapacitated or dies.
