NJSA 3B:5-13 Advancements

3B:5-13 Advancements.

3B:5-13. a. If an individual dies intestate as to all or a portion of his estate, property the decedent gave during the decedents lifetime to an individual who, at the decedents death, is an heir is treated as an advancement against the heirs intestate share only if: (1) the decedent declared in a contemporaneous writing or the heir acknowledged in writing that the gift is an advancement; or (2) the decedents contemporaneous writing or the heirs written acknowledgment otherwise indicates that the gift is to be taken into account in computing the division and distribution of the decedents intestate estate.

b.For purposes of subsection a., property advanced is valued as of the time the heir came into possession or enjoyment of the property or as of the time of the decedents death, whichever occurs first.

c.If the recipient of the property fails to survive the decedent, the property is not taken into account in computing the division and distribution of the decedents intestate estate, unless the decedents contemporaneous writing or the heirs written acknowledgment provides otherwise.

Amended 2004, c.132, s.55.

For more information, go to http://njwillsprobatelaw.com/3b_5-13.html?id=2199&a=