Trust and Estates Newsletters
In Latin, the word "codicil" means "little will. A codicil is a formal document that amends the provisions of a will. The amendments may change, modify, or supplement the provisions of a will.
This article discusses the legal requirements for an ordinary gift: donor competence, donor intent, donor delivery, donee acceptance, and appropriate documentation, if necessary.
An intentional transfer of property made from the generosity of the transferor is known as a gift. The person who makes a gift is known as the donor. The person who receives a gift is known as the donee.
As a general rule, a devise, a bequest, a legacy, or a trust in a will may benefit any person or legal entity. One major limitation is that is that a devise, a bequest, a legacy, or a trust in a will may not benefit a person or legal entity, if it does not meet a condition imposed by the testator. Most conditions are routine, such as rewarding a child with more money if he or she attends college. Some conditions are more unusual, and so, special.
In many jurisdictions, trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the trust gains interest in the assets during the trustor's lifetime and gains possession upon the trustor's death.