The cost of a Power of Attorney can vary from as little as no cost for an online form to hundreds of dollars per hour for an experienced lawyer. The good news is that there are other affordable, customizable options.
Need a Power of Attorney (POA) but concerned about the cost? It’s natural to worry about paying for legal services, but it’s important not to get caught up in dollars and cents. After all, you can’t put a price on peace of mind, and that’s exactly what a Power of Attorney provides.
Thankfully, there are affordable options available regardless of the type of Power of Attorney. Below, we look at what a lawyer-drafted POA might cost and explore the risks that come with creating one on your own.
The type of POA you choose is just as important to your estate plan as the type of Will you select. While much of your estate plan is focused on what happens after you pass away, POAs can take effect during your lifetime.
A Durable Power of Attorney is the most common. It remains in effect if you become incapacitated, and you can select the type of authority and conditions you want for your representative. You can also add medical decision-making powers, but you don’t need to. Costs can range from $150 to $400, and may increase if you add medical powers or certain conditions.
Other types of authority include:
POAs also have conditions that you can set. You can make them revocable, which allows you to cancel or modify them, or irrevocable. You can also add a “springing” condition, which puts the POA into effect only after a specific event.
When you choose between hiring a lawyer and pursuing a DIY approach, you have to weigh affordability with the security of having a legal professional handle things for you. Alternatively, you can rely on LegalShield to get a customized POA as part of your membership.
Cost: $0-$75 for bank forms
There are some benefits to taking the Do-It-Yourself approach if you are on a tight budget, at least on the surface. In general, you can expect to pay far less for fillable forms than you would for a customized POA. These forms might seem legitimate and may even contain some commonly used terms in the estate planning process, but that doesn’t mean they will hold up in court or be accepted by a bank or health care provider. The exception to this is POA forms released by a state agency. Many states in the U.S. have statutory forms approved for use and are valid if completed correctly.
Of course, there are some major downsides to consider as well. First and foremost, you will need to complete these forms yourself. This process takes time and also leaves room for you to make a mistake that could render the entire document void. Forms that are outdated or intended for other jurisdictions also might not comply with your state’s law. Your POA should also not conflict with your estate plan. If you are incapacitated, you do not want a conflict between a trustee’s duties under the trust and your POA.
Cost: $250 to $1,000
Hiring a lawyer usually involves either a flat fee or paying an hourly rate. The benefit of hiring a lawyer is peace of mind, as they can tailor a document to your needs and ensure it complies with the laws of your state. The trade-off is that the cost is much higher than that of the DIY approach. This route often makes sense for individuals with complex assets or complicated family situations where customized advice is essential.
Cost: Plans start at $39.95 per month
A personal legal plan through LegalShield offers the best of both worlds: an affordable Power of Attorney drafted by an experienced lawyer. This is much cheaper than hiring a private lawyer. LegalShield is an ideal option for anyone who wants a professionally drafted POA but lacks the budget to pay a lawyer’s billable hours.
The factors that can impact the cost of your Power of Attorney include the type of POA you create, its conditions, and your location.
There may also be additional fees, like:
DIY POA alternatives can be appealing to anyone on a budget. While the right form might ultimately hold up, there are real risks to the DIY route. These documents can be an important part of estate planning.
There is another option: drafting a POA on your own using a form, then having a lawyer review it on your behalf. This approach costs more than the DIY kit itself, but it is also notably less expensive than having a lawyer draft the document entirely. LegalShield Personal Plans include document reviews, so you can have a professional look over your personal documents starting at $39.95 per month.
A Power of Attorney is important for everyone, because you might need someone you trust to make decisions for you at any point in your life. A subscription through LegalShield provides you with an affordable middle ground between free online tools and the cost of hiring a lawyer directly.
With a LegalShield’s Personal Plan, your membership includes the creation of your own POA, designed to meet your needs and comply with the laws of your state. The basic plan even offers free online notarization for your POA.
Create your Power of Attorney through LegalShield while staying within your budget.
A medical Power of Attorney typically costs between $100 and $250 if prepared by a lawyer, though prices vary by state and complexity. These costs are lower if you rely on DIY kits or use LegalShield.
Notarization usually costs between $5 and $20 per signature, depending on where you live. LegalShield offers free notarization with an active membership.
The cheapest option is typically to use free state forms or low-cost online templates, though this approach carries the greatest risk due to drafting or signing errors.
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Content Specialist at LegalShield, creating educational resources about legal and consumer protection topics. She focuses on making complex legal and financial concepts accessible to readers and has contributed to various educational articles on consumer rights and protections.
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