Oral Will

Filed Under: ,
Dictionary Says

Definition of 'Oral Will'


An oral will is one that is communicated orally to witnesses, usually on the person's deathbed. An oral will is usually made in haste, which opens up the possibility for errors.

Oral wills are very controversial, because disappointed relatives can contend that the decedent was not of sound mind and body or that someone exerted undue influence on the decedent when the will was made.



Investopedia Says

Investopedia explains 'Oral Will'


There is a small number of states that recognize oral wills under certain rules. One such state is Ohio, which stipulates in its law that an oral will is valid only if the two witnesses write down the will within 10 days of it being given and if the will is submitted for probate within six months of the decedent's death. Some states have dollar-amount limits on property that can be passed on by an oral will.

comments powered by Disqus
Hot Definitions
  1. Valuation

    The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.
  2. Tech Street

    A term used in the financial markets and the press to refer to the technology sector. Companies like Intel, Microsoft, Apple and Dell are all considered to be part of Tech Street.
  3. Tech Street

    A term used in the financial markets and the press to refer to the technology sector. Companies like Intel, Microsoft, Apple and Dell are all considered to be part of Tech Street.
  4. Momentum Investing

    An investment strategy that aims to capitalize on the continuance of existing trends in the market. The momentum investor believes that large increases in the price of a security will be followed by additional gains and vice versa for declining values.
  5. Momentum Investing

    An investment strategy that aims to capitalize on the continuance of existing trends in the market. The momentum investor believes that large increases in the price of a security will be followed by additional gains and vice versa for declining values.
  6. IPO ETF

    An exchange-traded fund that focuses on stocks that have recently held an initial public offering (IPO). The underlying indexes tracked by IPO ETFs vary from one fund manager to another, but index IPO ETFs are usually passively managed and contain equities that have recently been offered to the public.
Trading Center