A
person may give away his property during his lifetime.
The effect is that after the transfer of the property,
the donee assumes outright possession and immediate
use of the property instead of waiting for the donor’s
death.
Once
a gift is made, it is irrevocable. A donee can however
refuse a gift but the law presumes that the donee has
accepted the gift unless he has shown clearly that he
does not wish to do so. |
Gifts
by will or testamentary gifts refer to gifts that are
made in a will.
Note:
Gifts by will to a spouse lapses as a consequence of
the dissolution or annulment of a marriage, unless a
contrary intention is shown in the will. The other parts
of the will relating to gifts to other beneficiaries
remain valid. The will only becomes invalid if the person
remarries or changes the provisions in the will. |
