Understanding The Costs Involved With A Lasting Power Of Attorney

A Lasting Power of Attorney is vital for those who, due to a progressive condition are aware that there may come a time when they are unable to make effective decisions for themselves. Such a document puts the decision making process in the hands of someone you trust. However, the Lasting Power of Attorney cost must be taken into consideration when deciding whether this is the right route for you and your loved ones.

A Lasting Power of Attorney (LPA) is a legally binding document that enables you to appoint a trusted individual to make decisions on your behalf, should your mental capacity diminish at some point in the future. You can appoint more than one person to ensure a range of views are considered, but it is worth noting that all those named to make your decisions need to agree before any action can be taken. For the document to be legal, it needs to be registered with the Office of the Public Guardian. If you are creating your LPA without the support of a solicitor, then this is where you will encounter the main costs of your LPA. Regardless of whether you register your LPA online, or by post, there is a fee for registering Lasting Power of Attorney, currently £82 per LPA. This means that if you are registering both a health and welfare LPA, and a financial affairs LPA, you currently need to pay £164. There are exemptions for some individuals that are on certain means tested benefits, and a reduction in the cost for those on incomes of less than £12,000. This, of course, raises the question of why you should consider paying Will solicitors to complete and register your Lasting Power of Attorney, if you can do it yourself relatively cheaply.

The answer lays firstly in the additional cost of Lasting Power of Attorney UK wide that is associated with any mistakes you make in the LPA. It takes 8 to 10 weeks for a LPA to be registered, but if there are any mistakes on the submission you face having to resubmit the application, and this comes with a fee of a further £41 per submission. Furthermore, the resubmission needs to occur within 3 months of it being returned to you. When you hire a solicitor to complete your LPA, you are likely to pay a higher Lasting Power of Attorney cost, which is more than just the cost of the registration, but you also benefit from their experience and expertise. This means that your LPA is much less likely to contain mistakes, and therefore should be registered with ease the first time it is submitted. A solicitor is also able to talk you and those standing as your attorneys through the process, and explain exactly what is involved in an LPA, including explaining the responsibilities of each person under the LPA. This means you are also less likely to need to adapt your LPA later, or change Attorneys because one of them was not prepared for exactly what they were being asked to do.

If you choose the right solicitor for this work, then the Lasting Power of Attorney cost is also fixed, meaning that regardless of any complications, the price you are quoted is the price you pay. This makes budgeting for your LPA much easier and more affordable in the long term.

Mark Riley

Mark Riley is a specialist lawyer offering services including Wills, Estates Administration and Tax planning. Mark has studied around the world, including a few years in Australia. Whilst there he met many amazing and inspirational lawyers. He worked with a small boutique family firm, who’s approach was so laid back and friendly it “felt right”. He decided to bring that approach home where he hopes to continue with this ethos.
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