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Advancement

advancement 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 NOTE: 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.


Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.