Ohio Code 2105.051 – Advancements – time of valuation
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When a person dies, property that the person gave during the person’s lifetime to an heir shall be treated as an advancement against the heir’s share of the estate only if declared in a contemporaneous writing by the decedent or acknowledged in writing by the heir to be an advancement. For this purpose, property advanced is valued as of the time the heir came into possession or enjoyment of the property, or as of the time of death of the decedent, whichever occurs first. If the heir does not survive the decedent, the property shall not be taken into account in computing the intestate share to be received by the heir’s issue, unless the declaration or acknowledgment provides otherwise.
Terms Used In Ohio Code 2105.051
- Decedent: A deceased person.
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Intestate: Dying without leaving a will.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Property: means real and personal property. See Ohio Code 1.59