Testamentary gift

Definition
: a gift that does not become effective until the death of the donor
specif
: a gift made in a will
compare gift causa mortis and gift inter vivos in this entry
2  : something voluntarily transferred without compensation
3  : a transfer of property for less than adequate consideration other than in the ordinary course of business ­used in the law of gift tax
The amount by which the value of property so transferred exceeds the consideration paid is included in the total amount of taxable gifts made during a calendar year.



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Based on Merriam-Webster's Dictionary of Law ©2001.
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