ADVANCEMENT
Back to GlossaryDefinition
An amount given to an heir by the deceased during his lifetime intended as an “advance” against the heir’s share under the will
Summary
An advancement is a gift or payment made by a person to their heir while the person is still alive, with the understanding that this gift will be deducted from the heir's inheritance when the person dies. Think of it as getting part of your inheritance early - if your parent gives you $10,000 now as an advancement and you were supposed to inherit $50,000, you would only receive $40,000 when they pass away. This legal concept helps ensure fairness among heirs and prevents someone from receiving more than their intended share.
Usage Context
Understanding advancements is crucial when studying estate planning, will interpretation, and inheritance law. It's particularly important in courses covering probate proceedings, family law, and estate administration.
Common Confusions
- Confusing advancements with regular gifts that don't affect inheritance
- Thinking advancements only apply when someone dies without a will
- Assuming all money given to children automatically counts as advancements
- Misunderstanding that advancements require clear intent to be advances against inheritance
