Posted on April 4, 2023, by Oliver Hamilton in Featured, Wills & Estate Law It costs about $475, with taxes, to put in place a valid Power of Attorney (POA) to appoint a trusted person to act for you if were legally unable to manage your affairs and property due to, for example, a car accident or an unforeseen medical condition. When you lose legal capacity, the bank will freeze your assets, even while the housing and stock markets are dropping, until the bank is provided with a valid POA Deed or a court order to appoint someone to administer your affairs and assets. How will your bills be paid?
If a court order is needed because the incapable person did not have a valid POA, that will typically take six months to 1 year and cost about $6,000, assuming no one contests the court application. Apart from the costs and stress, a lot can happen to wait for the court’s order. Come meet with us, and we will help you avoid such pitfalls by putting in place a sound estate plan.