How Much Does Lasting Power of Attorney Cost?
Lasting Power of Attorney (LPA) is a crucial legal document that allows individuals to appoint someone they trust to make decisions on their behalf in the event they become mentally or physically incapacitated. This document is often overlooked until it’s too late, but understanding the cost associated with setting up an LPA is essential for anyone considering this important legal step. So, how much does lasting power of attorney cost?
The cost of obtaining a Lasting Power of Attorney can vary depending on several factors, including the complexity of the case, the jurisdiction, and the individual’s specific needs. Generally, the process involves two types of LPAs: Property and Financial Affairs LPA and Health and Welfare LPA.
For a straightforward Property and Financial Affairs LPA, the cost can range from £82 to £120 for individuals who apply directly to the Office of the Public Guardian (OPG) in England and Wales. This fee covers the registration of the LPA. However, if you choose to use a solicitor or a professional to help you with the process, the cost can increase significantly. Solicitors typically charge between £300 and £500 for their services, depending on the complexity of the case and their expertise.
In Scotland, the process is slightly different. The Scottish Government provides a standard form for LPAs, which can be downloaded and filled out for free. However, there is a £75 registration fee for each LPA. If you require assistance from a solicitor or a professional, the cost can vary, but it’s generally similar to that in England and Wales.
The Health and Welfare LPA is another important document that allows your appointed attorney to make decisions regarding your personal care and treatment. The cost of obtaining a Health and Welfare LPA is similar to that of the Property and Financial Affairs LPA. The OPG charges £82 to £120 for registration, and solicitors or professionals may charge between £300 and £500 for their services.
It’s important to note that the cost of an LPA can be offset by the peace of mind it provides. By having an LPA in place, you ensure that your loved ones won’t have to go through the lengthy and costly process of obtaining a Court of Protection order if you become incapacitated. This can save them both time and money in the long run.
In conclusion, the cost of a Lasting Power of Attorney can vary depending on the individual’s circumstances and the jurisdiction. While the fees for registration and professional assistance may seem daunting, the benefits of having an LPA in place far outweigh the costs. It’s crucial to consider the cost as part of your estate planning and make an informed decision to secure your future and that of your loved ones.
