What's a Gifting Declaration
A gifting declaration is a legally binding document saying money being given is a gift and doesn't need to be repaid.
As its a Statutory Declaration it must be witnessed by a Solicitor or Justice of the Peace.
If you are thinking of giving your child money to assist them to buy a house your child's bank may require you to sign a gifting declaration. It prevents you from taking legal action to recover money from the other party which helps protect the bank's interest. It doesn't prevent the other party from paying you back but legally they don't have to.
If you have other children you aren't giving any money you may want to draw up another document stating that their share of your Estate is reduced by the same amount to even things up. Or give the other children the same amount.
You can view and download a template of a Gifting Declaration below.
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