How Much Does it Cost to Set Up a Power of Attorney Form?
A power of attorney form can be invaluable in times of illness or other incapacity. With this form an agent of your designation will have the ability to make important decisions, generally of a financial matter, on your behalf. Should you become incapable of making clear decisions for yourself, a power of attorney form will ensure that your needs and wishes are honored and your interests are protected.
What Does a Power of Attorney Do?
Important decisions take a sound, clear mind to make them and there are unfortunate times when these decisions must be made but you are incapable of making them. This may be during a period of severe illness or injury, or as you age. These situations to not preclude financial matters from needing to be kept straight. In fact, it is during these times that your finances can become their most complicated. This is when having a power of attorney form in place creates peace of mind.
On your power of attorney form you will designate your official representative, referred to as your agent, and the roles for which they are responsible, or the actions for which they have the power to perform. The laws regarding the creation and implementation of a power of attorney form vary from state to state, but in general you have the right to establish the exact parameters of your power of attorney while drawing up the document. Some feature basic roles that you are permitted to approve or cross out depending on your particular situation, while others have blank lines on which you can write your own special instructions for your agent.
A power of attorney form allows your agent to act on your behalf while making financial decisions such as paying bills, opening and closing accounts, or approving expenditures. Because a requirement of establishing a power of attorney form is the confirmation that you are in sound and clear mind at the time of signing, it is a firm way of ensuring that your important decisions and private matters are in the hands of someone you trust implicitly.
Once the power of attorney form has been filled in to your and your agent’s satisfaction, it must be signed. Many states require that the form be notarized at the time of signing but others will allow that the notary be replaced by two witnesses. This ensures the validity and authenticity of the power of attorney form and the powers granted there within.
How Much Does a Power of Attorney Form Cost?
Establishing a power of attorney is an important step is protecting your current and future personal interests. Financial matters can be complicated, but they are unavoidable aspects of daily life, especially in later life and in times of injury or illness. Fortunately, a power of attorney form can ensure your wishes regarding your finances and other important aspects of your life will be honored regardless of your capacity to express them at the time decisions must be made.
In some situations, such as when there are several siblings from which to choose an agent for an aging parent, the careful assistance of a lawyer is required to ensure the power of attorney form is properly filled out and binding. If this is the case for you, you may incur some fees. The lawyer will have fees related to his time and the actions he must take. Because a power of attorney form is a common legal document, though, the time required to put one into place is generally very little and these fees will be low. Many states allow you to procure a power of attorney form online, fill it out yourself and have it notarized with your and your agent’s signatures. In this case establishing a power of attorney has no cost.
For simple situations, such as when there is only one clear choice for an agent or when there aren’t complicated finances to handle, this is an ideal, simple and cost-effective choice to ensure security.