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.
n. a gift made by a person to one of his or her children or heirs (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 will 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 advancements than those made several years earlier.
Advancement (noun):
1. The act or process of progressing or moving forward, especially in terms of personal growth, professional development, or societal improvement.
Example: The advancement of technology has revolutionised various industries.
2. A promotion or elevation to a higher position, rank, or status, typically resulting from one’s achievements, skills, or experience.
Example: After years of hard work and dedication, she finally received an advancement to a managerial role.
3. The improvement or enhancement of something, such as knowledge, techniques, methods, or systems, leading to increased efficiency, effectiveness, or productivity.
Example: The advancement of medical research has led to significant breakthroughs in the treatment of various diseases.
4. Progress or innovation in a particular field or discipline, often resulting from scientific, technological, or intellectual discoveries.
Example: The advancement of space exploration has allowed humans to gain a deeper understanding of the universe.
5. The act of furthering or promoting a cause, idea, or agenda, typically aimed at achieving positive change or reform.
Example: The organisation’s mission is to work towards the advancement of gender equality and women’s rights.
6. The act of moving forward or making progress in a competition, contest, or game.
Example: The team’s advancement to the finals was a result of their exceptional performance throughout the tournament.
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 also refers to the provision of funds or other resources by a company to its directors or officers to cover legal expenses incurred in the course of their duties. It is a common practice to indemnify directors and officers for legal costs arising from lawsuits or investigations related to their roles in the company. Advancement is typically provided as a form of financial support to ensure that directors and officers can effectively defend themselves against legal claims without suffering personal financial hardship. The right to advancement is usually outlined in the company’s bylaws or articles of incorporation, and it may be subject to certain conditions or limitations. The advancement of expenses is often subject to reimbursement if the director or officer is ultimately found to have acted improperly or in violation of their duties.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 11th April, 2024.
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