Oral Will

AAA

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 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.

RELATED TERMS
  1. Duress

    The act of using force, false imprisonment, coercion, threats ...
  2. Administration Bond

    A bond that is posted on behalf of an administrator of an estate ...
  3. Living Will

    A legal document that sets out the medical care an individual, ...
  4. Nuncupative Will

    A verbal will that must have two witnesses and can only deal ...
  5. Inheritance

    All or part of a person's estate/assets that is given to an heir ...
  6. Will

    A legally enforceable declaration of how a person wishes his ...
RELATED FAQS
  1. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  2. What is the difference between a revocable trust and a living trust?

    A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed ... Read Full Answer >>
  3. What is a family Limited Liability Company (LLC)?

    A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form ... Read Full Answer >>
  4. How is maintenance of standard of living for survivors accomplished in estate planning?

    Estate planning is an integral component of comprehensive financial planning, as it allows individuals and couples to maintain ... Read Full Answer >>
  5. What is the difference between an intervivos trust and a testamentary trust?

    Estate planning offers tools to establish and maintain effective control over cash, investment and real estate assets during ... Read Full Answer >>
  6. What are the differences between a Chartered Financial Analyst (CFA) and a Certified ...

    The differences between a Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP) are many, but comes down ... Read Full Answer >>
Related Articles
  1. Retirement

    Why You Should Draft A Will

    Don't trust the courts to follow your wishes - plan the distribution of your own assets.
  2. Options & Futures

    Getting Started On Your Estate Plan

    With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips.
  3. Retirement

    Refusing An Inheritance

    Contrary to popular belief, inheriting assets isn't always a good thing. Find out what to do if you want to disclaim them.
  4. Retirement

    Skipping-Out on Probate Costs

    Don't let bad estate planning lead to unnecessary costs and stress for your inheritors.
  5. Retirement

    How to Convert a Roth IRA to a Traditional IRA

    If the technicalities of converting a Roth IRA to a traditional IRA seem dauntingly complex, here are a few simple tips to guide you through the process.
  6. Professionals

    Is a Google Robo-Advisor on the Horizon?

    It's possible that Google is looking to get into the robo-advisor business, either as a new venture or as a way to provide more benefits to employees.
  7. Professionals

    How Advisors Can Tackle the Big Wealth Transfer

    The massive wealth transfer from Baby Boomers to their heirs presents opportunity and challenges for advisors. Here's how they can tackle the challenges.
  8. Professionals

    How Advisors Can Help New Doctors Conquer Debt

    Doctors have high potential for building long-lasting wealth, but they need advice on the best way to pay off student loan debt first.
  9. Professionals

    Advisors: Get Those Referrals! (Here's How)

    If you're not talking to your clients about referring you to friends, you should be.
  10. Taxes

    An in Depth Look at How Inheritances Are Taxed

    The tax implications of an inheritance can be complex. Here's what beneficiaries need to know.

You May Also Like

Hot Definitions
  1. Topless Meeting

    A meeting in which participants are not allowed to use laptops. A topless meeting organizer can also ban the use of smartphones, ...
  2. Hedging Transaction

    A type of transaction that limits investment risk with the use of derivatives, such as options and futures contracts. Hedging ...
  3. Bogey

    A buzzword that refers to a benchmark used to evaluate a fund's performance. The benchmark is an index that reflects the ...
  4. Xetra

    An all-electronic trading system based in Frankfurt, Germany. Launched in 1997 and operated by the Deutsche Börse, the Xetra ...
  5. Nuncupative Will

    A verbal will that must have two witnesses and can only deal with the distribution of personal property. A nuncupative will ...
  6. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!