How Much Does a Power of Attorney Cost?
For many people, the power of attorney acts a piece of paper that authorizes another person to do legal tasks and actions on their behalf. These legal actions and tasks most often have to do with money, but it can also involve medical decisions. Because of the personal nature of these decisions, you are able to choose whomever you would like. Essentially, the power of attorney is given when the person becomes incapacitated to do work or to fulfill their own obligations. In other cases, the document is applied temporarily when the person cannot be in that particular place for a limited amount of time.
How much does it cost?
- Depending on what needs to be done, a power of attorney can range anywhere from $75 to as much as $450. Typically, a power of an attorney for a single person is going to be cheaper than for a couple.
- On the website Consumer.org, it is stated that the power of attorney can cost anywhere from $150 to as high as $290. Technically, this depends on the company and the legal aspects that come with it.
- Ottawaorleanslawyers.com lists a chart of people and the corresponding charges for the power of attorney. Singles often have lower rates as compared for those who are categorized as couples. The costs here range anywhere from $150 to as much as $700.
What is going to be included?
- Basically when you appoint another person for the Power of Attorney, you are generally creating a legal representation on your behalf. The lasting Power of Attorney is something that you have to work and deal with if you are someone who is mentally and physically incapacitated due to some accident or ailment. The process requires the assignment of another person to do the work on your behalf. To put things in perspective, it actually gives this person the power to anything on your behalf with any of your possessions or decisions.
- For the health inclusive types of Power of Attorney documents, the authorized person is given authority to act in behalf of another in dealing with medical and hospital treatments and such.
What are the extra costs?
- Some attorneys often require additional costs to cover other aspects of the legal process such as medical expenses and treatments. Usually, the lawyer who is appointed a contract for the medical power of attorney does not have any right to deal with financial transactions. Hence, if you want to add this to the power of attorney, you might have to pay an additional fee.
- Lasting Power of Attorneys’ would also be added costs. Typically, the document will have an expiration stated on when it will be legal. For the longer time frames, you can expect to pay for an added expense.
- If the attorney has to travel to a designated location such as a nursing home, travel expenses can apply.
Factors that influence the price:
- The depth of the financial obligations would often be considered as an important factor that will affect the pricing.
- Usually, if both health and financial obligations are included in the power of attorney, then you will end up paying higher for the document.
Tips to know:
- It is best to work with the ordinary power of attorney if you are using the limited functions for the other individual. This is necessary on your part to prevent any fraud on any of your personal obligations, especially in terms of financial transactions.
- It would be best to include health related affairs to the power of attorney, especially if you are already incapacitated to do the work properly. This inclusion would often help speed up any emergency treatments as the authorized person will no longer have to wait for financial help in cases of emergencies.
- Delegating the power of attorney is something that you should do earlier than when it is necessary. If you are incapacitated due to an unexpected injury and are not prepared with the power of attorney paperwork, it will be much harder for your family to figure things out.
- Make sure you choose someone that is trustworthy, reliable, and intelligent. This person should know your wishes regarding your money and your health decisions.
How can I save money?
- You do not necessarily need an attorney to help you. You can actually fill out forms and get them witnessed and notarized. It can then be filed with the local courts.
- If you do not know where to start when it comes to finding a qualified attorney, free services such as LegalMatch.com can help.
- The best way to save on your Power of Attorney is to use the long lasting type. This means that you will not have to request a new one every time the old document expires. Of course, if you are looking for a document that is longer lasting, then you will have to work with someone who you can trust, especially in terms of financial obligations and transactions.