Lasting Power of Attorney Cost
The cost of lasting power of attorney below are as at August 2014 and are intended as a guide.
How much should a Lasting Power of Attorney Cost?
Lasting Powers of Attorney costs vary enormoulsy. They are tricky little blighters, and it is surprising how few legal professionals truly understand them. We were lucky to work closely with a senior member of the Office of the Public Guardian for many months even before Lasting Powers of Attorney were launched. Sadly, they didn’t take much notice of our ideas to improve, simplify and also to reduce the Lasting Power of Attorney costs!
Lasting Power of Attorney cost: we’ve heard silly prices of up to £1,850 for LPAs – you should be in for a pleasant surprise if you call us on 0800 298 5208. As at May 2014, a pair of Lasting Powers of Attorney prepared by us will cost £399. There is (later) a further £95 each person to cover the paperwork needed register a Lasting Power of Attorney, and the time spend dealing with the Office of the Public Guardian (OPG), plus the registration costs of the OPG. OPG registration fees are currently £110 per LPA unless you can prove that you have an income of less than £12,000 (which is not as easy as it sounds!) Their registration fees are payable direct to the Office of The Public Guardian.
So in effect the Lasting Powers of Attorney costs are staggered. Let’s take the cost of a pair of Lasting Powers of Attorney for an individual, one LPA Property and Financial Affairs and one LPA Health and Welfare. We’ll assume they are paying our higher LPA cost as they are not existing clients and just want the Lasting Powers of Attorney:
1) We take a £50 deposit.
2) The initial Lasting Power of Attorney information in gathered and the balance of the costs for creating the two Lasting Powers of Attorney, which is £399 less £50 paid = £349.
3) We then create the Lasting Powers of Attorney. When they are signed, they come back to us with our fee for the registration paperwork and chasing of £130.
4) We then create the registration paperwork and the various letters which are sent out.
5) The documents go off to the Office of the Public Guardian for registration, and they ring you to take payments of the cost of registering the Lasting Powers of Attorney (2 x £110, unless you have supplied proof that your income is under £12,000).
6) Nearly 3 months later your Lasting Powers of Attorney should be approved and returned either to us for storage, or to you if you prefer.
Our fees for Lasting Powers of Attorney are probably not the cheapest, but a fair price for experienced advice in a dangerous area.
STOP PRESS – a Hastings solicitor has apparently just beaten that with a hefty £1,850 cost for just one Lasting Power of Attorney. Another London solicitor apparently charged £1,200 as the cost of each of the four Lasting Powers of Attorney needed by a couple!
The cost of a Lasting Power of Attorney shouldn’t put you off. The alternative is far more expensive for the majority of us who WILL lose the ability to make decisions at some stage in our lives. And not necessarily when we’re old!
The cost of NOT having a Lasting Power of Attorney can be many, many thousands of pounds if the Court decides to appoint a solicitor to manage your finances for you. Even if the Court decide that a family members is the right person to look after you, the cost is still likely to be several thousand pounds, and with a 6 month delay (at least) before anyone ends up in charge.
So the lesson must be that it is just not worth taking the gamble of NOT having Lasting Powers of Attorney as the alternative can be ruinously expensive.
For more information on Lasting Power of Attorney costs, and other Legal Planning measures you should consider, why not visit our enquiry page which is HERE. Or download our latest price list here. It also includes a 2 Minute Guide to Legal Planning.
Lasting Power of Attorney Cost.
The cost of Lasting Power of Attorney Registration through the Office of The Public Guardian is given if you click the link.