A person who donates their property to another, in the form of a trust. He or she voluntarily transfers property or money to the donee, with little or no exchange of value on the recipient’s part.
After a donor willingly and unconditionally transfers ownership of a property to the donee, it’s impossible for them to take it back. The IRS can permit deduction of taxes from certain donated properties.
In some cases, a descendant’s wish may not necessarily be property or money. Organs can also be donated. Upon the deceased’s death, the executor will inquire to see if they registered their organs for donation. Then, arrangements can be made for collections to start« Back to Glossary Index