Verbal Rental Agreement Complicates Inheritance After Son’s Death
In this week’s “For Love & Money” column, a reader seeks advice on navigating a complex financial situation following the loss of their son. The column, which addresses relationship and money questions, tackles the delicate issue of a verbal rental agreement and its implications in probate.
The reader had entered into a verbal agreement with their son to rent his condo for $2,000 a month, providing a $200,000 upfront payment to simplify transactions due to their age. However, the son’s unexpected death has left the reader in a precarious position, with the daughter-in-law now interested in accessing the $200,000 through probate.
The columnist expresses sympathy for the reader’s loss and acknowledges the difficulty of the situation. They emphasize the impact of grief on perceptions of control and trust in loved ones, highlighting the importance of the relationship with the daughter-in-law in resolving the matter.
From a legal standpoint, the absence of a formal lease agreement could potentially allow the daughter-in-law to retain the money and evict the reader. However, the columnist suggests considering the daughter-in-law’s character and the likelihood of such actions.
To address the situation, the reader is advised to request a formal contract as a continuation of the agreement with their son. The columnist encourages using shared grief as an opportunity to strengthen the relationship and work through financial logistics together.
The importance of approaching the conversation from a place of friendship and mutual support is stressed. If trust exists between the reader and the daughter-in-law, directly discussing the continuation of the agreement is recommended, while avoiding accusation or anger.
Readers facing similar financial challenges affecting relationships are invited to seek advice. The column also suggests considering consultation with a financial advisor for further guidance.
