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ad·vance·ment n: something given in advance; specif: money or property given as a gift by a living person (as by a parent to a child) with the intention that the amount the recipient inherits under the law from the person's estate will be reduced proportionately compare ademption◇ Advancements apply only when the person making the gift dies without a will. The Uniform Probate Code requires written evidence that the gift was intended to be an advancement. A person who gives a gift that is not intended as an advancement cannot later change it to an advancement. A gift given as an advancement can, however, be changed into an outright gift.
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
(improvement) noun
aggrandizement, amplification, betterment, development, elaboration, elevation, emendation, enlargement, expansion, furtherance, gain, gradus amplior, growth, increase, progress, progression, promotion, rise
II
(loan) noun
accommodation, advance, allowance, anticipation, concession, consideration, investment, realization in advance
associated concepts: intestate succession, statute of distribution
III
index
advocacy, application, augmentation, boom (increase), boom (prosperity), civilization, development (progression), edification, elevation, favor (sanction), growth (evolution), growth (increase), incursion, loan, longevity, preference (priority), profit, progress, reform, step, suggestion
Burton's Legal Thesaurus. William C. Burton. 2006
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n.A portion of an anticipated inheritance paid before the death of the testator (usually a parent to a child) that is then deducted from the recipient’s share of the estate after the testator’s death.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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A gift made by a living person — usually from a parent to a child — with the intent that the amount will proportionately reduce the recipient's share of the gift-giver's estate. Gifts made shortly before death are more typically treated as advancements than those made years earlier.Category: Wills, Trusts & Estates → Estates, Executors & Probate CourtCategory: Wills, Trusts & Estates → Wills
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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England, WalesUsed in the context of trusts to mean:• Setting a beneficiary up in life (or taking a step towards setting him up), for example, by paying for his professional training or providing start-up funding for his business.• Using trust capital to benefit a beneficiary, for example, by advancing money to him or making a settled advance.Both meanings come into play when trustees exercise a power of advancement. The trustees are then advancing capital (in the second sense given above) for a beneficiary's advancement (in the first sense given above) or benefit.See also appointment.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n. An irrevocable gift to an heir during an intestate's life, given with the intention that it shall diminish or extinguish the heir's share of the intestate's estate under the laws of intestate succession.See also satisfaction, ademption, lapse.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death.
Dictionary from West's Encyclopedia of American Law. 2005.
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A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.a gift made by a person to one of his or her children or heirs (a presumptive heir since an heir is only determined on the date of death) in anticipation of a gift from the still-living parent's potential estate as an advance on one's inheritance. Example: John Richguy is going to leave his son $100,000 under his will or a percentage of the estate on John's death. John gives the son $50,000 with the intention that it would be deducted from the inheritance. The main problem is one of proof that the advanced sum was against the projected inheritance. A person making an advancement should leave a written statement about the advancement or get a signed receipt. Such gifts made shortly before death are more readily treated as an advancement than one made several years earlier.
Law dictionary. EdwART. 2013.
