Property given by testator during life treated as satisfaction of devise, when
If someone makes a will leaving property to a person, and later gives that person a gift while still alive, that gift only counts as an early payment of the inheritance in three situations: the will itself says the gift should be subtracted, or the person who made the will writes down that the gift counts toward the inheritance, or the person receiving the gift writes down that they accept it as part of their inheritance. If the gift counts as a partial early payment, the gift is valued at whichever comes first — when the recipient got use of it, or when the person who made the will died.
474.425. Property given by during life treated as of , when — valuation. — Property which a testator gave in his lifetime to a person is treated as a satisfaction of a devise to that person in whole or in part only if the will provides for of the lifetime gift, or the testator declares in a that the gift is to be deducted from the devise or in satisfaction of the devise, or the acknowledges in writing that the gift is in satisfaction. For purpose of partial satisfaction, property given during the testator's lifetime is valued as of the time the devisee came into possession or enjoyment of the property or as of the time of death of the testator, whichever occurs first.
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Source & history notes
(L. 1980 S.B. 637) Effective 1-01-81
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.