I'm my biological dad's only child and POA. I assume he will be dead in 2023. He hasn't driven in more than 2 years now. I am NOT on the title, because I didn't want to be responsible if he hit someone/something. The eyesore is parked in his brother's driveway and he'd kind of like it gone. I am paying insurance and licensing fees from my dad's bank account and keeping careful records.
If I wait, when he dies, I guess the rusty old farm truck is mine by default and poof! Then I can sell it, right? Or am I wiser to sell it now and get him to sign the change of title?
OR -- hope this is true -- as his POA, I can sign in his stead and don't have to break his heart and sell it while he still thinks he's going to drive again one day.
Any advice? Does it vary by state? He's in IL.
It seems as if the best idea financially for this situation would be to sell this truck as soon as possible and use the proceeds from the sale to provide for his care. The truck is not being used at all, and requires monthly insurance payments. If you do inherit the truck after his death, it would have to go through probate, since you are not on the title, and the costs of probate may exceed the overall sale price of the truck.
Each state is different, but in most states after a LO passes, the original Will may need to be presented to the "Register of Wills" or other similarly named office; and thereafter the Executor will be "recognized" and allowed to start the process of valuation and disbursing (selling) any assets (such as the truck) and to pay off any secured debts. But as others have noted, that can take months. Where I live, it takes about 18 months for an Estate to be resolved and final taxes filed (yes, there are taxes too at the end). All to say, perhaps selling the truck and other assets now could be the faster option.
Any funds from selling his assets SHOULD be put into his account and spent on his care! If he is now or may need skilled nursing home care; he would need to pay for that until which time (if needed) he has spent down all his funds from all assets and could apply for Medicaid thereafter.
A quick check -- as others have noted -- with a reputable car dealership (perhaps where you purchased your vehicle as you likely have a relationship with that dealer) as to what is required for you as the POA to sell the vehicle would be good. Ask to speak with a "manager" or someone in charge and get something in writing so there is no dispute. If you like the offered price, go with it. Do not -- as others have said -- try a private sale as there are too many potential legal tripwires that may cause issues downstream. Not worth the extra $ via a private sale.
Good luck with this.
You are signing as your father in financial transactions that involve his property. That's what a POA is for. Your signature is "Dad's Name, by Your Name, power of attorney." Include a copy of the POA with the title for the buyer just to calm the forces at the DMV who might decided to make life miserable.
Also, be sure to send in the Release of Liability form to the DMV that says the vehicle has been sold and to whom. It's the buyer's job to take the title and register the car, but it's YOUR job to send in the Release of Liability. If you don't and the buyer decides to be a jerk and not register the car, you can get caught up in liability with any crashes or tickets. My folks didn't send in that form once (decades back), and they received every single parking ticket for that car for months until they straightened it out.
Be sure to do a Bill of Sale, too, to further prove you've sold the car. Copies for both buyer and seller.
I don't think you can do it as his POA, unless he agrees to sell it to you and signs the title over to you.