How Much Does a Power of Attorney Cost?

A Power of Attorney is a legal document that allows you to nominate another person to make financial and legal decisions on your behalf. The person that makes the Power of Attorney is called the ‘principal’. The person who is authorised by the principal to manage their affairs is called the ‘attorney’. A Power of Attorney gives the attorney the authority to make financial and legal decisions on behalf of the principal. The principal must be capable of understanding the nature and effect of a Power of Attorney at the time the document is made. The document operates during the principal's lifetime and ceases to have effect upon the principal’s death.

In New South Wales, there are two types of Powers of Attorney documents: A general Power of Attorney and an Enduring Power of Attorney.

1. General Power of Attorney: This document authorises an Attorney to make financial decisions on behalf of the principal during a specific period or for a specific event, such as when the principal is travelling interstate or overseas and needs an Attorney to manage their financial affairs at home. This document becomes invalid if the principal loses mental capacity.

2. Enduring Power of Attorney: This document authorises an Attorney to make legal and financial decisions on behalf of the principal and will be legally valid even after the principal loses mental capacity. This type of Power of Attorney will only end when the principal dies, or if it is revoked by a court or tribunal. Alternatively, the principal can revoke the document at any time while they still have mental capacity.

A general Power of Attorney document comes into effect once it is signed and witnessed. The document can be in place for a specific period or event. An Enduring Power of Attorney can come into effect once it is signed and witnessed, or at a time specified by the principal, such as when a Doctor determines the principal has lost mental capacity.

The cost of preparing a Power of Attorney is based on:

1. Type of Power of Attorney: The cost can vary depending on the type of Power of Attorney document.
2. Complexity of the Document: The more complex and specific the Power of Attorney is, the more it can cost to prepare, as more time and expertise will be required to draft the document.
3. Registration Fees: If the Power of Attorney is being used to buy real estate in NSW, it must be registered with the NSW Land Registry Services. Additional costs for registering a Power of Attorney include the registration fee of $171.70 (as at 28 November 2024)
4. Legal Fees: The cost of a Power of Attorney document may vary depending on the fees charged by a solicitor or a law firm.
5. Additional Services: Costs may increase if additional legal advice is required for relating matters.
6. Acceptance by the appointed attorney or guardian: Some law firms charge extra fees when attorneys or guardians need to have documents explained to them and their acceptance witnessed by a solicitor.

 Prices at PW Lawyers

At PW Lawyers we provide the full service of meeting with you to explain the effect of a Power of Attorney documents. We then draft the documents and meet with you again to go through and witness your signature. Once the document is executed, we can contact your attorneys and meet with them to explain their role and responsibilities and then witness their acceptance of the appointment. We charge $440 (for a single person) for this service and we do not charge your attorneys anything when we meet with them to witness their acceptance. For the same service we charge $660 for a couple.

Bundle and Save

If you want to get both your Power of Attorney and Enduring Guardianship documents prepared and witnessed by a solicitor we provide a bundle package (including the NSW Advanced Care Directive) for $660 for a single person and $990 for a couple.

Contact us for a free thirty-minute initial consultation with one of our team who specialises in Power of Attorney documents.  

Any information on this website is general in nature and should not be taken as personal legal advice. We recommend that you speak to a lawyer about your personal circumstances.

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