What is the difference between a lifetime gift and a testamentary gift?
A lifetime gift and a testamentary gift are two different types of gifts that are commonly discussed in the context of inheritance law in New Hampshire. A lifetime gift is a transfer of property during a person’s lifetime, while a testamentary gift is a transfer of property by will upon a person’s death. A lifetime gift is when a person transfers property of any amount, value, or type to another person during their lifetime. This transfer does not require the use of a will or a probate court. The gifting individual decides who receives the gift and how it is distributed. The gifting individual also has the freedom to change or revoke the gift before their death. A testamentary gift is a transfer of property that occurs upon the death of a person. It is typically done using a will, which is a written legal document that outlines how a person’s assets should be distributed upon their death. The will dictates who receives the property, as well as how much is given. Testamentary gifts must be carried out according to the wishes of the deceased, and can only be changed or revoked by the courts. Overall, the primary difference between a lifetime gift and a testamentary gift is when the transfer of property occurs. A lifetime gift is a transfer of property that happens during an individual’s lifetime, while a testamentary gift occurs upon the individual’s death.
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