A Gift Deed can be revocable or irrevocable. A revocable Gift Deed lets the donor cancel the gift at any time before the gift is delivered to the recipient. Even if you give a revocable Gift Deed to your intended recipient, you are under no legal obligation to hand over the gift. However, once the gift has been passed to the recipient, the donor can no longer take it back. An irrevocable Gift Deed is legally binding as soon as the donor gives the Gift Deed to the recipient. In this instance, you cannot revoke the gift; you have a legal obligation to give the money or item to the recipient. However, the recipient doesn’t receive possession of the gift immediately. LawDepot’s irrevocable Gift Deed requires the assets go into a trust, and the appointed agent in the Gift Deed ensures it reaches the recipient once the donor loses capacity or passes away. Money or items listed in an irrevocable Gift Deed are no longer considered to be part of your personal estate. An irrevocable Gift Deed can be used to keep certain items from being contested in your ProductLink code="WILL" text="Last Will and Testament". A donor using LawDepot’s Gift Deed must specify someone to act as their agent. The agent ensures that the money or item listed in the deed of gift is delivered to the recipient of the gift.