DIY Legal Forms

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Deed of Gift of Retained Life Interest in Painting

(to Person Not Related to Donor)

DEED OF GIFT made on [date], by [name] residing at [address] (the Donor) to [name], residing at [address] (the Donee).

WHEREAS, the Donor is the owner of a life estate in an oil painting called ----------, painted by ---------- (the Work); and

WHEREAS, the remainder interest in the Work was conveyed to [name of institution], a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, by the Donor by Deed of Gift dated [date]; and

WHEREAS, the Donor, as an expression of the high regard he holds for the Donee, wishes to transfer to the Donee all of the Donor's right, title and interest in and to the Work;

NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS THAT:

1. Transfer of Donor's Interest. The Donor irrevocably gives, transfers, and assigns to the Donee all of the Donor's right, title, and interest in the Work, subject to the prior gift of the remainder interest in the Work to the ---------- Museum.

2. Delivery of Work. Simultaneously with the execution of this Deed of Gift the Donor will deliver the Work to the Donee at the Donee's residence at [address].

3. Donor's Death. Immediately upon the Donor's death, the Donee will deliver possession and control of the Work to [name of institution].

IN WITNESS WHEREOF the Donor has executed this Deed of Gift the day and year first above written.

[signature]

Donor

This Section for Notary:

Acknowledgment

State of _________

County of ________ [County]

On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

Signature ________
Notary

My commission expires: _____

(Seal)