Legal Question in Wills and Trusts in New Jersey
Inheritance
My parents are giving me a gift now of $25,000 which was originally set up for me to receive upon the settlement of their estate. They want an agreement in writing between us stating that I am receiving $25,000 a portion of inheritance. How should this agreement be accurately written to insure that other inheritance money will be received upon their death and estate settlement?
1 Answer from Attorneys
Re: Inheritance
What you are describing is called an "Advancement." This is essentially an early payment of an inheritance.
The payment should be documented so that it is properly accounted for. One easy way to do that is to mention this payment in your parents Wills, so that the distribution to you in the Will takes into account the fact that you have recieved this additional earlier payment.
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