Gift of Love:Deed of Gift.

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Hey People!

It’s the Season of Love😍😍 and we are accordingly moving with the Season. This morning, we bring you a 👑Gift: Gift of Love: Deed of Gift.

What is a Gift? A Gift is the absolute transfer of one’s right over a property to another for emotional consideration, such as, love affection etc.

This is it, remember that if you intend to sell ehmm…let’s take a plot of land for example, you may elect to sell to Ms. Buyer who pays XYZ amount. The XYZ amount is the consideration. Whereas where a Gift is made, no money or tangible resources is paid by the person receiving it. Let me make my point clearer with the use of life examples:
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Mr. Responsible African, is a polygamist with 4 (four) wives, these 4 (four) wives jointly have 10 (ten) children. Mr. Responsible African equally has a longtime girlfriend who has 2 (two) children without the knowledge of his 4 (four) wives. He made a Will wherein he devised ‘all’ his properties to his children and wives in rational proportion. He also has 4 properties and Shares in a Listed Company which he did not devise in the Will.

He wants his other 2 (two) children and his longtime girlfriend to be well protected incase the inevitable happens. He has approached his Lawyer for advice. Based on the advice he received from his Lawyer, he has decided to give the said 4 (four) properties and Shares to his longtime girlfriend and 2 (two) children vide a Deed of Gift.
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Madam Faithful is a widow with 3 (three) children, upon the demise of her husband, she obtained her late husband’s gratuity and thereafter acquired 4 (four) Acres of Land on which she built a School on 2 (two)Acres and is carrying on farming activities on the other 2 (two) Acres. Her 2nd child studied English Education and has over the years shown so much interest in the School while making valuable contribution to its growth. Her 3rd child studied Agric., Economics and has also proven to be a valuable asset to the farm while the 1st child is a Medical Doctor and has in furtherance of her career as a Medical Doctor, converted part of the Family Residence to a Hospital.

Madam Faithful, desires that upon her demise the School passes on to her 2nd child, the Farm to her 3rd and the Family Residence to her 1st child, her only restraint is that she belongs to a religious group that forbids her members from making a Will. At her lawyer’s instance she has made a Gift of these properties to her children in her lifetime.
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Next week, we will consider the legal issues that may arise from these life examples. Stay with us!🙏

Do you fall into any of the above category? Would you like to 'pass' any property to a loved one without making a Will? Would you prefer to talk to a Lawyer? If your answer to any of the above question is YES, kindly send a WhatsApp message to 08090956207.

Let’s make smart decisions.

Oluwatosin Ajose Popoola Esq.,

For: The Online Law Clinic

#oluwatosinajosepopoola #familylawseries #onlinelawclinic #onlinelawfirm #gift

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