Yes, I would also say have a formally recorded deed drawn up. Apart from any dispute between you and your kind donor in future (if he wants it back), it would be useful to show that this valuable asset has been formally passed to you, in case another party comes to try to sue the donor and sieze his assets. Without a contract, it would only be his word and yours to demonstrate that this was no longer under his ownership and you could end up losing it. As I understand it, no money needs to change hands to make it a formal transaction. At least in Scots law, the phrase "for love, affection and favour, without further consideration" is a term used in the formal transfer of property or assets between spouses.