Investopedia

Continue to Site »

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.

Articles Of Interest

  1.

    Why You Should Draft A Will

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

  2. 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. 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. Skipping-Out on Probate Costs

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

  5. Why You Shouldn't Die In 2013

    Increases in estate tax rates and possible fiscal cliff implications will make things more difficult when it comes to arrangements for your death.

  6. Tax-Efficient Wealth Transfer

    Taxpayers with large taxable estates were required to take steps to reduce them before 2011.

  7. What To Do When You're Left Out Of A Will

    Discover the legal steps you can take if you are left out of a will and if fighting is worth the effort.

  8. Tax-Saving Advice For IRA Holders

    Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.

  9. Relationships And Retirement Planning

    Older couples have many things to consider when it comes to financial planning, including wills and estate planning.

  10. What Is A Will And Why Do I Need One?

    Putting this document together will save your family time and money, and give you peace of mind.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  2. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  3. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  4. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.

  5. Icarus Factor

    The term Icarus factor describes a situation where managers or executives initiate an overly ambitious project which then fails. Fueled by excitement for the project, the executives are unable to reign in their misguided enthusiasm before it is too late to avoid the failure.

  6. Angelina Jolie Stock Index

    An index made up of a selection of stocks from companies associated with actress Angela Jolie.
Trading Center