advancement


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Advancement

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.

An advancement is not the same as a gift or a loan because the person intends that the "advance" of the heir's share of the estate be applied against what the heir would normally inherit. Although sometimes used to describe situations involving both people who have died intestate (without leaving a valid will) and people who have left a will, the term advancement should be used only when there is no valid will. The laws of Descent and Distribution regulate the distribution of an intestate's property. The term Ademption applies to lifetime gifts that reduce a beneficiary's share under a will.

advancement

n. a gift made by a person to one of his or her children or heir (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. (See: estate, beneficiary)

advancement

(Improvement), noun amplification, betterment, development, elaboration, elevation, emendation, enlargement, expansion, gain, gradus amplior, growth, increase, progress, progression, promotion, rise

advancement

(Loan), noun accommodation, allowance, anticipation, concession, consideration, investment, realization in advance
Associated concepts: intestate succession, statute of distribution
See also: advocacy, application, augmentation, boom, civilization, development, edification, elevation, favor, growth, increase, incursion, loan, longevity, preference, priority, profit, progress, prosperity, reform, sanction, step, suggestion

advancement

see ADVANCE.

ADVANCEMENT. That which is given by a father to his child or presumptive heir, by anticipation of what he might inherit. 6 Watts, R. 87; 17 Mass. R. 358; 16 Mass. R. 200; 4 S. & R. 333; 11 John. R. 91; Wright, R. 339. See also Coop Just. 515, 575; 1 Tho. Co. Lit. 835, 6; 3 Do. 345, 348; Toll. 301; 5 Vez. 721; 2 Rob. on Wills, 128; Wash. C. C. Rep. 225; 4 S. & R. 333; 1 S. & R. 312; 3 Conn. Rep. 31; and post Collatio bonorum.
     2. To constitute an advancement by the law of England, the gift must be made by the father and not by another, not even by the mother. 2 P. Wms. 856. In Pennsylvania a gift of real or personal estate by the father or mother may be an advancement. 1 S. & R. 427; Act 19 April 1794, Sec. 9; Act 8 April, 1833, Sec. 16. There are in the statute laws of the several states provisions relative to real and personal estates, similar in most respects to those which exist in the English statute of distribution, concerning an advancement to a child. If any child of the intestate has been advanced by him by settlement, either out of the real or personal estate, or both, equal or superior to the amount in value of the share of such child which would be due from the real and personal estate, if no such advancement had been made, then such child and his descendants, are excluded from any share in the real or personal estate of the intestate.
     3. But if the advancement be not equal, then such child, and in case of his death, his descendants, are entitled to receive, from the real and personal estate, sufficient to make up the deficiency, and no more.
     4. The advancement, is either express or implied. As to what is an implied advancement, see 2 Fonb. Eq. 121; 1 Supp. to Ves. Jr. 84; 2 lb. 57; 1 Vern. by Raithby, 88, 108, 216; 5 Ves. 421; Bac. Ab. h.t.; 4 Kent, Com. 173.
     5. A debt due by a child to his father differs from an advancement. In case of a debt, the money due may be recovered by action for the use of the estate, whether any other property be left by the deceased or not; whereas, an advancement merely bars the child's right to receive any part of his father's estate, unless he brings into hotch pot[?] the property advanced. 17 Mass. R. 93, 359. See, generally, 17 Mass. R. 81, 356; 4 Pick. R. 21; 4 Mass. R. 680; 8 Mass. R. 143; 10. Mass. R. 437; 5 Pick. R. 527; 7 Conn. R. 1; 6 Conn. R. 355; 5 Paige's R. 318; 6 Watts' R. 86, 254, 309; 2 Yerg. R. 135; 3 Yerg. R. 95; Bac. Ab. Trusts, D; Math. on Pres. 59; 5 Hayw. 137; 11 John. 91; l Swanst. 13; 1 Ch. Cas. 58; 3 Conn. 31; 15 Ves. 43, 50; U. S. Dig. h.t.; 6 Whart. 370; 4 S. & R. 333; 4 Whart. 130, 540; 5 Watts, 9; 1 Watts & Serg. 390; 10 Watts, R. 158; 5 Rawle, 213; 5 Watts, 9, 80; 6 Watts & Serg. 203. The law of France in respect to advancements is stated at length in Morl. Rep. de Jurisp. Rapport a succession.

References in classic literature ?
The scheme of separate confederacies, which will always nultiply the chances of ambition, will be a never failing bait to all such influential characters in the State administrations as are capable of preferring their own emolument and advancement to the public weal.
Wickham was to the last so steady, that in his will he particularly recommended it to me, to promote his advancement in the best manner that his profession might allow--and if he took orders, desired that a valuable family living might be his as soon as it became vacant.
Accustomed to think of marrying as his means of advancement, he somewhat reasonably supposed "refer you to my father" meant consent, so far as the young lady was concerned, and he determined to improve the precious moments.
The causes and motives of seditions are, innovation in religion; taxes; alteration of laws and customs; breaking of privileges; general oppression; advancement of unworthy persons; strangers; dearths; disbanded soldiers; factions grown desperate; and what soever, in offending people, joineth and knitteth them in a common cause.
Tess really wished to walk uprightly, while her father did nothing of the kind; but she resembled him in being content with immediate and small achievements, and in having no mind for laborious effort towards such petty social advancement as could alone be effected by a family so heavily handicapped as the once powerful d'Urbervilles were now.
Of plots: some aim at the life of those who govern, others at their government; the first arises from hatred to their persons; which hatred may be owing to many causes, either of which will be sufficient to excite their anger, and the generality of those who are under the influence of that passion will join in a conspiracy, not for the sake of their own advancement, but for revenge.
The officers of the army, it is true, had no other music save the artillery of the Dutch forts; but it was enough for a great number, who found in this war honor, advancement, fortune - or death.
I think now that he was wise not to care for the advancement which most of us have our hearts set upon, and that it was one of his finest qualities that he was content with a lot in life where he was not exempt from work with his hands, and yet where he was not so pressed by need but he could give himself at will not only to the things of the spirit, but the things of the mind too.
Most of all, it was gambling, and on many an occasion not necessary for the advancement of his own schemes, he, as he called it, went the stock-exchange a flutter, out of sheer wantonness and fun.
I have reason to believe that my exodus from home was, on the whole, favorably viewed by my mother, as tending to remove any possibility of my bad character and conduct interfering with my sister's advancement in life.
A marriage might float him and pump the waters of debt out of his bark; but a good marriage depended on his advancement, and his advancement required that he should be a deputy.
We go to France, and from thence I trust to Spain, in humble search of a field in which we may win advancement and perchance some small share of glory.

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