Voluntary Transfer

Definition - What does Voluntary Transfer mean?

A voluntary transfer is the term for describing when one person gives or sells property to another person willingly as opposed to being forced to such as through bankruptcy court. A voluntary transfer must have the agreement of both parties with their signatures and a date to be valid even if there is no financial consideration for the transfer of property.

Justipedia explains Voluntary Transfer

Many people will effect voluntary transfers of property when they are old to their children so that the children do not have to pay inheritance tax. Any normal conveyance of property is referred to in this way. There are different fees from one state to the next relating to the cost of transferring property and are usually linked to the value of the property.

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