If you’ve not yet made a Lasting Power of Attorney, there’s good news – the fee for registration was reduced on 1st April from £110 to £82 and those entitled to a fee remission will pay just £41.
With so many people now making a Lasting Power of Attorney, the Office of the Public Guardian has been able to make efficiencies that have driven down the cost of providing their service. Ministers are hoping that by cutting fees, more people will make Lasting Powers of Attorney, providing peace of mind for themselves and their families.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney gives someone you trust the power to make decisions for you. There are in fact two types – one for finance and property decisions, and the other for health and care decisions. You can find out more about Lasting Powers of Attorney here.
You can make one or both types of LPA – it is entirely your decision.
Why do I need a Lasting Power of Attorney?
Many people assume a Lasting Power of Attorney is a document you need to make in later life, in case you develop dementia or some other condition that primarily affects the elderly. In fact, loss of mental capacity can happen at any stage in life – for example, because of a road traffic accident or stroke. Perhaps surprisingly, dementia does not exclusively affect older people either – around 42,325 people in the UK suffer from young onset dementia (also known as ‘early onset’ or ‘working-age’ dementia), which affects people between 30 and 65 years old. Those with a learning disability are particularly at risk.
If you lost mental capacity, you might assume your partner would be able to handle your financial affairs for you. Unfortunately this is not the case and in some instances, banks will freeze a joint bank account until an application has been made to the Court for a Deputyship Order. The application can be made by someone close to you and may not be the person who you would have chosen to manage your financial affairs. Additionally, the process of applying for a Deputyship Order is a lengthy and expensive process that is best avoided.
What does it cost to make a Lasting Power of Attorney?
The costs to make one type of Lasting Power of Attorney are:
- Legal fees
- £82 – Court of Protection fees
If you are on a low income, you may be entitled to a 50% reduction of court fees.
If you want to make both types of Lasting Power of Attorney and a trust Will that protects your share of the estate from being lost to care fees or passing outside of the family, we offer an affordable package – please ask us for more information.
Find out more about the fees and costs of making a Lasting Power of Attorney here.
Call us on 0800 788 0500 or email firstname.lastname@example.org to order your free information pack or to make a free appointment with your nearest office, without obligation.