What does the term "advancement" refer to in inheritance?

The term "advancement" in the context of inheritance refers to a gift that is given to a beneficiary during the lifetime of the deceased, which is then deducted from that beneficiary's share of the estate upon the distribution of assets. This means that if a parent gives a significant gift to one child, this gift will typically be considered as an "advancement" against that child's eventual inheritance. Consequently, the child's share of the estate will be reduced by the amount of the gift received. This practice ensures a more equitable distribution among heirs.

In contrast, a lump-sum inheritance automatically granted to the eldest child would not necessarily account for gifts made during the decedent's life. Advance payments for funeral costs are separate transactions and do not directly relate to the concept of advancement, as they pertain to immediate financial obligations rather than inheritance calculations. Similarly, a preliminary will drafted before the final document does not pertain to advancement, as it is not involved in the distribution of assets or gifts but rather the planning stage of estate disposition. Therefore, understanding advancement is crucial for determining how gifts impact an estate's distribution among beneficiaries.