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Providing an advance on inheritance can be an effective way for parents to assist their children financially. This post provides an overview of what you need to know about advances on inheritance, and tips on how to avoid potential pitfalls.

What is an advance on inheritance?

An advance on inheritance involves a financial benefit received by an heir, which is later deducted during the settlement of the estate. This can be particularly useful in situations where:

• Parents wish to help their children enter the housing market

• Parents want to assist children in a difficult life situation

Advance on inheritance vs. gifts

It is important to note that advances on inheritance differ from pure gifts:

• Gifts can be given without affecting the distribution of inheritance

• An advance on inheritance must be a benefit that will be deducted from the future estate

Requirements for advance on inheritance

For a financial benefit to be considered an advance on inheritance, it must:

1. Have been set as a condition for the benefit when received

2. Include a gift letter clearly stating that the benefit will be deducted from the later inheritance

Limitations in undivided estates

If you are in an undivided estate, there are some limitations on giving an advance on inheritance:

• You can only give an advance on inheritance if all heirs receive an equal amount

• Alternatively, the heirs must consent to the distribution of inheritance advances among only certain heirs

Recommendation

Giving an advance on inheritance can be a complex process with many legal aspects to consider. If you are considering giving an advance on inheritance to one or more of your children, it is advisable to seek guidance.

As a law firm with extensive experience in inheritance law, we are ready to help you navigate through this process.

If you have questions or need assistance, do not hesitate to contact us.