Oral Will

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.


Filed Under: ,

comments powered by Disqus
Hot Definitions
  1. Benchmark Bond

    A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
  2. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  3. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  4. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  5. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
  6. Organic Growth

    The growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
Trading Center