What does a Lasting Power of Attorney cost?
There are two types of cost involved in making a Lasting Power of Attorney.
The Office of the Public Guardian charges £82 to register each Lasting Power of Attorney document. This fee applies to both types of Lasting Power of Attorney, so if you have both a Finance and a Health Lasting Power of Attorney, the total application fees will be £164.
If you receive certain means tested benefits, you may be exempt from paying the fee – or if your income is less than £12,000 before tax, you may get a reduction. You will need to provide proof of income and/or benefits to be entitled to the concession.
In addition, there are legal costs if you decide to use a solicitor to help you. Fees can vary a great deal between lawyers, with some charging up to £1,000 + VAT. Our fees are far more competitive – please ask for a quote.
What happens if I don’t make a Lasting Power of Attorney and I lose mental capacity?
We believe that the legal fees together with the court costs of making a Lasting Power of Attorney (LPA) are very good value for money, particularly when you consider the alternative. If you lose mental capacity and you do not have a Lasting Power of Attorney in place, your friends or relatives will need to apply to the Court of Protection for a Deputyship Order to be able to make decisions for you.
Like LPAs, there are two types of Deputyship Order – one for Finance/Property and one for Health/Care. The procedure for obtaining a Deputyship Order is extensive and the costs for obtaining this type of order can run into the thousands:
|Finance/Property Deputyship Order||Both Finance/Property and Health/Care Deputyship Orders|
|Court of Protection application fee||£400||£800|
|Court of Protection hearing fee (if deemed necessary)||£500||£500|
|Our legal fees||£600 + VAT = £720||£900 + VAT = £1,080|
|New deputy fee (per deputy)||£100||£100|
|Annual supervision fee (first year) – reduced to £35 a year thereafter only for Finance/Property Deputyship orders where the estate is worth less than £21,000||£320||£320|
|Bond fee (typically £200 – £600) – only applies to Finance/Property Deputyship orders||£600||£600|
|Cost to obtain COP3 assessment of capacity (some practioners charge – a typical fee would be £55 if no examination is required or £110 if an examination is required||£55||£55|
|Fee for Senior Court Costs Office to assess the bill of costs if necessary (£110 or £220 depending on whether legal fees are over or under £3,000)||£110||£110|
Note above that we have used our own legal fees for producing an estimated cost – which are very competitive when compared to other firms.
When you consider the costs and fees involved in obtaining a Deputyship Order, a Lasting Power of Attorney is clearly a far better option. From just £240 + VAT for one type of LPA, making an LPA is a cheaper, quicker and simpler way to nominate someone to manage your affairs for you. It also allows you to nominate the person of your choice – whilst with Deputyship, anyone can apply and it may not have been the person you would have chosen.
Get in touch
We have prepared a free, useful information pack on making a Lasting Power of Attorney. Call us or email us to receive your copy.
We have locations throughout the UK and offer you a free appointment without obligation. We can also cater for home visits. Get in touch to book your appointment.