Q: Will a verbal contact be honored in the event of one party's death or incapacitation?
The short version:
My boyfriend financed a car for me. We had a verbal agreement that the car would be mine as long as I paid all payments, expenses, and down payment. It is 30 months later and I have never missed or been late for a payment and I have payed ALL related expenses.
Recently, my boyfriend's has been determined to be terminally ill. He's given durable power of attorney to a family member whom is helping him with end of life matters.
Tensions are high and I'm worried I will lose everything I put into the car. My questions are, will our agreement be considered valid once he's passed? What should I expect?
A:
Yes it can.
If you can make sure it is in writing or recognized as such.
It would be better if the car is in your name and all payments came from you, from your checking account or transfers so that you have proof.
It may cost you to enforce the contract.
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