Legal Definitions - advancement

An advancement is a gift given by someone to a family member while they are still alive. This is usually done when the person giving the gift thinks they might die soon. When the person dies, the value of the gift is included in the calculation of their estate. This means that the amount of money or property the family member receives from the estate will be reduced by the value of the gift. The main reason for giving an advancement is to make sure that all family members are treated equally when the estate is divided up.

For example, let's say that a father has three children. He gives one of his children a car as an advancement. When the father dies, his estate is worth $300,000. Without the advancement, each child would receive $100,000. However, because of the advancement, the child who received the car will only receive $80,000. This is because the value of the car is $20,000, and that amount is subtracted from the child's share of the estate.

This example shows how an advancement can affect the distribution of an estate. By giving the car as an advancement, the father was able to make sure that all of his children received an equal share of his estate.