advancement


Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia.

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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

advancement

see ADVANCE.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
* Should make sure that their right to advancement cannot be limited by possible concerns about their ability to reimburse the company if there is an adverse determination.
I looked up advancements in medicine, for instance, and just in the past couple of years, there are wondrous developments underway and on the horizon that have made huge differences for people who suffer from a wide variety of cancers, Alzheimer's, Parkinson's, autism and many more conditions.
In attendance to wrap the gifts were: Sharon Panozzo, gift and record processor; Jennifer Kenyeri, director of special events; Marie Kelly, executive director of annual and special giving; John Bass, associate vice president for University Advancement; Wendy Doherty, executive assistant for University Advancement; Kelly Murphy, manager of media relations; Nancy Condreva, administrative assistant to the executive director of annual and special giving; and Julie Grisolano, director of prospect research and gift planning.
He replaced former Advancement Vice Chancellor Brad Choate, who was relieved of his duties after a June 2012 internal audit revealed a multimillion-dollar deficit in the division.
Ranking 8th in pay potential, Hartford also placed 16th in the career advancement category and 36th when it comes to job prospects.
Lifetime Achievement Award for the Advancement of Education for Future Energy Leaders Dr Bassam Fattouh, Director, Oxford Institute for Energy Studies
We fully intend to assuage those concerns with the quality of products and service we will provide at The Weiss Center for Investor Advancement.”
42% of high potentials who are relatively inactive with regard to their own career advancement strategies.
John's (2002-11) and he was the chairman of the advancement committee for the last five years.
The Navy recently announced the restructuring of advancement exams to give greater focus on technical rating knowledge, in NAVADMIN 197/11.
The Work Advancement and Support Center (WASC) program in Fort Worth was part of a demonstration that is testing innovative strategies to help increase the income of low-wage workers, who make up a large segment of the U.S.

Full browser ?