(a) To constitute a valid gift in contemplation of death, the following criteria must be met:
(1) The object of the gift must be personal property;
(2) The donor must be in his last illness or in peril of death;
(3) The gift must be intended to be absolute only in the event of death;
(4) The gift must be perfected by either actual or symbolic delivery; and
(5) The gift must be proved by one or more witnesses.
(b) A gift in contemplation of death may be made by parol.
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