What is required for a lifetime gift to be considered an advancement on a will?

For a lifetime gift to be considered an advancement on a will, it must be acknowledged in writing by the donee. This requirement aims to provide clarity and ensure that there is a clear understanding between the donor and the recipient regarding the nature of the gift. An acknowledgment in writing serves to document the intent to treat the lifetime gift as an advancement against the recipient's share of the estate.

This acknowledgment is critical because, without it, the gift might not clearly be viewed as an advancement, which could lead to misunderstandings during the probate process. The written acknowledgment helps to avoid disputes among beneficiaries and makes it easier to calculate shares during estate distribution, as the lifetime gift will effectively reduce the amount the donee would receive from the estate.

Other options do not fulfill the necessary conditions for treating a gift as an advancement. For example, while it may be beneficial for the gift to be noted in the will, it is not strictly required. Similarly, approval by the estate administrator or public recording is not necessary for a gift to be classified as an advancement, as these factors do not address the need for the recipient's acknowledgment of the gift.