Dictionary of Law
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

advancement :: legal definition


Advancement - 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 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 also: beneficiary estate gift in contemplation of death and Related Law Terms ↓


Related Law Terms

administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
after-acquired title :: n. title to property acquired after the owner atte ... ed title goes automatically to Sam.
basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate
contemplation of death :: n. the anticipation of death in a relatively short ... e also: unified estate and gift tax
devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee
disinherit :: v. to intentionally take actions to guarantee that ... rorem clause pretermitted heir will
estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward
heir :: n. one who acquires property upon the death of ano ... y pretermitted heir succession will
hit and run :: n. the crime of a driver of a vehicle who is invol ... , and then walks back to the scene.
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
Magna Carta :: n. Latin for "Great Charter," it was a document de ... s. It is also spelled Magna Charta.
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other.
murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder
net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax
notice to quit :: n. the notice given by a landlord (owner) to a ten ... h-to-month notice unlawful detainer
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
pretermitted heir :: n. the child of a person who has written a will in ... cified $10,000 each. See also: heir
probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
special administrator :: n. a person appointed by the court in a probate pr ... or administrator. See also: probate
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
transfer in contemplation of death :: n. giving property under the belief of the giver t ... lso: gift in contemplation of death
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
undue influence :: n. the amount of pressure which one uses to force ... ounder. See also: will will contest
unified estate and gift tax :: n. in federal estate taxes, the value of the estat ... turn. See also: estate tax gift tax
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - A

a fortiori :: (ah-for-she-ory) prep. Latin for "with even strong ... rother Cain certainly is too young.
a priori assumption :: (ah-pree-ory) n. from Latin, an assumption that is ... when the reality is not so certain.
a.k.a. :: prep. abbreviation for "also known as" when someon ... nodgrass, a.k.a. "Snuffy the Snod."
ab initio :: prep. lawyer Latin for "from the start," as "it wa ... tart," as "it was legal ab initio."
abandon :: v. to intentionally and permanently give up, surre ... lso: abandoned property abandonment
abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abate :: v. to do away with a problem, such as a public or ... ty septic tank. See also: abatement
abatement :: n. 1) the removal of a problem which is against pu ... eneficiary in full. See also: abate
abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abet :: v. to help someone commit a crime, including helpi ... n the crime. See also: aid and abet
abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
able-bodied :: adj. physically capable of working at a job or in ... of paying alimony or child support.
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abrogate :: v. to annul or repeal a law or pass legislation th ... ons of a contract. See also: repeal
abscond :: v. 1) traditionally to leave a jurisdiction (where ... as in "he absconded with the loot."
absolute :: adj. complete, and without condition. ... j. complete, and without condition.
abstention doctrine :: n. when the Supreme Court refuses to exercise its ... being appealed from a state court.
abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien