Final answer:
An oral will is a verbally made will, which carries many legal restrictions and potential for dispute. It contrasts with a written will, which clearly records an individual's asset distribution wishes. Without a will, an individual's estate is distributed according to state intestacy laws.
Step-by-step explanation:
An oral will is a will that is made verbally. Such wills are subject to numerous legal restrictions and are not recognized in all jurisdictions. They are more commonly accepted in emergency situations where the person making the will, known as the testator, does not have the opportunity to put their final wishes in writing. The validity of oral wills can be highly contentious due to the potential for misunderstandings or lack of evidence. Therefore, it's recommended that a will be made in writing and properly witnessed to minimize disputes upon the testator's death.
In contrast to oral wills, written wills provide a clear record of a person's wishes regarding the distribution of their assets after death. Making a will a public document means that the process of executing a will is visible to anyone interested, including details of the deceased's assets and the beneficiaries.
Some individuals also prepare a living will or advance directive to express their healthcare preferences in case they become incapacitated. This can include directives such as a Do Not Resuscitate (DNR) order. It is beneficial to share these decisions with family and close friends to ensure that one's personal wishes are honored.
Without a will or trust, an individual is considered to have died intestate, and state laws will determine the distribution of their assets, which can vary greatly from person to person based on their familial relationships.