What is the difference between a lifetime gift and a testamentary gift?
A lifetime gift and a testamentary gift are two different types of inheritance in Oregon. A lifetime gift is a gift given from a living person to another living person. These gifts are typically given during the giver’s lifetime and can take the form of money, property, or other items of value. The choice of who to give the gift to is entirely at the giver’s discretion, and the gift passes to the recipient without the need for probate court or other legal proceedings. A testamentary gift, on the other hand, is a gift that is made through a person’s Will. The Will is drafted and signed by the deceased person and typically outlines who should receive the gifts in the event of the deceased’s death. These gifts go through a legal process known as probate before they can be distributed to the rightful recipients. Testamentary gifts are typically more formal and complex compared to lifetime gifts. In summary, the main difference between a lifetime gift and a testamentary gift is that a lifetime gift is given from a living person to another living person, while a testamentary gift is given through a person’s Will and requires legal proceedings.
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