§ 29-1-2-10 — Advancements; gratuitous inter vivos transfer

(a) If a person dies intestate as to all his
estate, property which he gave in his lifetime to any person who, if the
intestate had died at the time of making the gift, would be entitled to
inherit a part of his estate, shall be treated as an advancement against
the heir's intestate share only if:
(1) the decedent declared in a writing or the heir acknowledged
in a writing that the gift is an advancement; or
(2) the decedent's writing or the heir's written acknowledgment
otherwise indicates that the gift is to be taken into account in
computing the division and distribution of the decedent's intestate
estate.
To the extent that the advancement does not exceed the intestate share
the advancement shall be taken into account in computing the estate to
be distributed. Every gratuitous inter vivos transfer is deemed to be an
absolute gift and not an advancement unless shown to be an
advancement.
(b) The advancement shall be considered as of its value at the time
when the advancee came into possession or enjoyment or at the time of
the death of the intestate, whichever first occurs.
(c) If the advancee dies before the intestate, leaving a lineal heir
who takes from the intestate, the advancement shall be taken into
account in the same manner as if it had been made directly to such heir.
If such heir is entitled to a lesser share in the estate than the advancee
would have been entitled to had he survived the intestate, then the heir
shall only be charged with such proportion of the advancement as the
amount he would have inherited, had there been no advancement, bears
to the amount which the advancee would have inherited, had there been
no advancement.
Formerly: Acts 1953, c.112, s.210. As amended by
P.L.118-1997, SEC.10.