Tuesday, January 27, 2015

can monetary gifts be considered advancements on a will

Question

can monetary gifts be considered advancements on a will



Answer

It depends on what the will says and where the estate is probated as state law may say something about this.

If a will said something like "I have made gifts of $xxx during my lifetime to my child, A. These gifts are to be treated as an advancement of A's portion of any inheritance from my estate" then the gifts would be treated as an advancement.

If the will is silent and the deceased just made a gift then probably not. However, any attorney would need to review the entire document and know what the state law said, if anything about advancements.



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