North Carolina General Statutes > Chapter 29 > Article 7 – Advancements
Current as of: 2024 | Check for updates
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Other versions
| § 29-23 | In general |
| § 29-24 | Presumption of gift |
| § 29-25 | Effect of advancement |
| § 29-26 | Valuation |
| § 29-27 | Death of advancee before intestate donor |
| § 29-28 | Inventory |
| § 29-29 | Release by advancee |
Terms Used In North Carolina General Statutes > Chapter 29 > Article 7 - Advancements
- Advancement: means an irrevocable inter vivos gift of property, made by an intestate donor to any person who would be the donor's heir or one of the donor's heirs upon the donor's death, and intended by the intestate donor to enable the donee to anticipate the donee's inheritance to the extent of the gift; except that no gift to a spouse shall be considered an advancement unless so designated by the intestate donor in a writing signed by the donor at the time of the gift. See North Carolina General Statutes 29-2
- Donor: The person who makes a gift.
- Estate: means all the property of a decedent, including but not limited to:
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Heir: means any person entitled to take real or personal property upon intestacy under the provisions of this Chapter. See North Carolina General Statutes 29-2
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Share: when used to describe the share of a net estate or property which any person is entitled to take, includes both the fractional share of the personal property and the undivided fractional interest in the real property, which the person is entitled to take. See North Carolina General Statutes 29-2