Having a power of attorney allows an individual to appoint a person to act on their behalf in legal or financial matters. This allows the appointed person (the attorney) to take action in various matters without having to consult the individual who has granted them the power. However, if the individual wishes to change the attorney, the cost of doing so can vary significantly, depending on the situation. In this article, we will discuss the costs associated with changing power of attorney.
The first cost associated with changing power of attorney is legal fees. These fees can range from a few hundred dollars to several thousand, depending on the complexity of the situation. Engaging a lawyer to draw up the required documents is essential to ensure that the process is legally sound. Legal fees can also be incurred if there is a dispute between the individual and their current attorney regarding the new appointment.
If the individual who wishes to change their power of attorney is unable to do so without the consent of the current attorney, they may be required to file an application in court. Court fees will vary depending on the jurisdiction in which the application is made and the complexity of the case.
Notarizing the relevant documents is a legal requirement when changing power of attorney, and this can incur additional costs. Typically, a notary will charge a fee of around $20 to $50 per document.
The amount of time it takes to change power of attorney can vary depending on the complexity of the situation. In some cases, it may take a couple of days to review the documents and prepare them for notarization. In other cases, where court proceedings are necessary, the process may take several months.
In addition to the fees and time associated with changing power of attorney, there may be other expenses incurred by the individual. These may include travel expenses for meetings and court appearances, as well as costs for printing or mailing documents.
In summary, the cost of changing power of attorney will vary depending on the complexity of the situation. Legal fees and court fees may be required, along with additional costs for notarizing documents and other expenses. It is important to be aware of all of the costs involved before going ahead with the process.