How much will a Lasting Power of Attorney cost?

Earlier in the year it was announced that the cost of registering a Lasting Power of Attorney (LPA) would be reduced.

But what exactly is an LPA and how much does it cost to make one?

In the following article, the estate planning specialists at Future Planning Solutions answer these 2 questions and outline why seeking professional, legal advice when drafting these documents could well be priceless.

If you’d like to speak with one of our expert Lasting Power of Attorney solicitors direct, contact Future Planning Solutions today on 01282 695400. 

Why should I make a LPA?

A Lasting Power of Attorney is a legal document that allows you to decide who can make financial and/or care decision on your behalf should illness, accident or age render you incapable. Imagine that you are involved in a car accident and rendered unconscious ‘ who will decide what care you can receive? Who will pay your bills?

Without an LPA in place, your loved ones may be faced with applying to the Court of Protection for Deputyship ‘ a process that is not only often costlier than an LPA but can also take months, meaning that important decisions could be delayed and your assets frozen.

How much does it cost to make a lasting power of attorney?

In the UK, costs for drafting and registering a LPA vary.

If you choose to draft your own LPA, the major cost involved is the registration fee that is paid to the Office of the Public Guardian. In England and Wales, this fee has recently been reduced from £110 to £82 per Lasting Power of Attorney. In Scotland, the registration fee is set at £75 per document and this rises to £127 if you live in Northern Ireland.

If you receive certain benefits such as Income Support, or your income is below a certain level, you may qualify for an exemption or reduction from the power of attorney cost.

Why instructing a solicitor could well be priceless

Whilst many people do draft a Lasting Power of Attorney without the help of a solicitor, there is the danger that should the application include an error, not only will the registration fee still be charged, you will then have to resubmit the application and pay any fees again. This can soon turn into a costly and time-consuming exercise at what is already a difficult time.

By instructing a specialist lasting power of attorney solicitor, you can have peace of mind that your application is in trusted hands. Here, at Future Planning Solutions, our expert team have many years’ experience in drafting all types of Lasting Power of Attorney and are pleased to offer a number of flexible price packages to suit your specific needs.

Our bundle of 4 LPAs represents the best value in terms of securing both you and your partner’s future and will include Property and Finance and Health and Welfare Lasting Powers of Attorney for the pair of you. If you choose to instruct one of our professional, regulated solicitors to draft your LPA, we will also store your documents in safe custody for no extra cost, meaning that they can be quickly and easily accessed when needs be.

How Future Planning Solutions can help you

For more information on the cost of making a Lasting Power of Attorney with the legal experts at Future Planning Solutions, get in touch today. We would be delighted to discuss your needs in greater detail with a free, no obligation consultation.

Our dedicated Lasting Powers of Attorney team can be reached directly on 01282 695400.

Or, if you’d rather that we call you, complete our online enquiry form and one of our friendly estate planning specialists will be in touch shortly.