Alaska Agreement for Conditional Gifts
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How to fill out Agreement For Conditional Gifts?
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FAQ
A conditional gift is a present given to someone without any consideration in return but with a condition attached to it. A conditional gift is always subject to a condition co-existing with the gift.
A conditional donative promise is no more enforceable than any donative promise. This is true even if the condition has been fulfilled.
A conditional gift is one that is subject to or dependent on a condition. A conditional gift can be revoked if the recipient does not fulfill the conditions attached to the gift. A gift is a conditional gift and it is not final until some future event occurs.
Under Alaska divorce laws, adultery is one of the acceptable grounds (reasons) for divorce. Some other grounds are: conviction of a felony. willful desertion for a period of one year.
What are conditional gifts? When you are writing your will you may wish to consider making conditional gifts. Putting conditional gifts in a will means your beneficiaries will only inherit money, assets and belongings from your estate if they meet certain criteria set by you.
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.
Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent (the intention of the donor to give the gift to the donee), the delivery of the gift to the donee, and the acceptance of the gift.
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.