Which type of contract involves a donor gratuitously transferring ownership during their lifetime?

A donation inter vivos is a legal term used to describe a type of contract where a donor voluntarily transfers ownership of property or assets to a recipient (the donee) while both parties are alive. This transfer is made without expecting anything in return, and it is a form of a gift that is executed during the donor's lifetime.

This type of contract is recognized under Louisiana law as a way to convey property without the need for consideration, meaning the donee does not have to provide any compensation to the donor.

In contrast, a will is a legal document that outlines how a person's estate should be distributed after their death, which does not involve a transfer during the donor's lifetime. A trust is an arrangement where a third party holds and manages assets on behalf of beneficiaries, and it can be established for various purposes, but it is not specifically defined as a gift made during life. A grant deed typically relays information about the real property being conveyed and ensures that the grantor has the right to transfer ownership, but it does not inherently involve the gratuitous transfer concept that characterizes a donation inter vivos.

Therefore, the donation inter vivos is the only option that accurately describes a contract involving a donor gratuitously transferring ownership while still alive.