LawDepot.com says new automated form simplifies estate planning and gifting. LawDepot.com is out with an online gift-deed form. The Desert Hot Springs, Calif.-based legal-document provider says the new form gives users a convenient way to effect the transfer possession of a property to another party as an aid to estate planning.

Be warned though: LawDepot.com lets you fill out a lengthy questionnaire before telling you it costs $10 to see an example of a gift deed.

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A gift deed is a deed in which the consideration is not monetary. The transfer of ownership occurs with little or no compensation. (Where the transfer of ownership coincides with a financial transaction, a bill of sale should be used.)

In addition to their use in estate planning, gift deeds are often drafted when donations are made to museums, libraries, historical societies and other institutions. Although a well-drafted gift deed leaves no ambiguity about the terms of transfer and about who retains ownership after the transfer, it can take a lot of time and effort to get one right.

LawDepot.com's estate-planning "suite" also includes an automated last will and testament form. -FWR

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