What is advancement of inheritance?

The advancement of inheritance refers to the transfer of property or assets by a parent to their child or children while they are still alive. This is done as an advance payment of the share of inheritance that the child would receive upon the parent's death.

Advancement of inheritance is typically offered when a parent wants to provide financial support to a child during their lifetime. This could be to help them with certain expenses or to provide them with assistance to purchase property, start a business, or make other significant investments.

In most jurisdictions, the advancement of inheritance is a legal transaction subject to specific rules and regulations. These regulations generally require that the parent providing the advancement of inheritance must keep a record of the transaction and that it must be reported in their will or estate plan.

The amount of the advancement of inheritance can be calculated in different ways, depending on the specific jurisdiction and on the individual circumstances. In some cases, it might be based on the total value of the parent's estate, while in others, it could be based on the amount agreed upon by the parent and the child.

Overall, the advancement of inheritance can be a valuable way for parents to provide financial support to their children while they are still alive, and it can also help to avoid potential conflicts over inheritance once the parent passes away.