What is the cost of making an LPA?
We charge a fixed fee for preparing and registering Lasting Powers of Attorney. Our fixed price costs are as follows:
- £495 + VAT – one type of LPA for one person
- £595 + VAT – one type of LPA for two people
- £595 + VAT – both types of LPA for one person
- £695 + VAT – both types of LPAs for two people
There is also a disbursement of £82 for each LPA payable to the Office of the Public Guardian to register it. This is charged in addition to the above fees.
What is an LPA?
LPA stands for Lasting Power of Attorney. It is a document that allows us to plan how we want our affairs to be dealt with if we ever lose our mental capacity and become incapable of managing things ourselves.
What are the benefits of an LPA?
An LPA enables us to set out our wishes about how we would like our affairs to be managed if in the future we lose capacity and to nominate the people we would like to be responsible for doing so.
Not only does making an LPA allow us to control what will happen if capacity is lost, but it can also save money by avoiding the need for an application to be made to the Court of Protection for a deputy to be appointed. The Office of the Public Guardian (OPG) estimates that the cost of appointing a deputy is twelve times as much as the average cost of an LPA.
There are also tax advantages of making an LPA.
The two types of LPA
LPAs come in two varieties: There is a ‘property and financial affairs’ LPA and a ‘health and welfare’ LPA.
The property and financial affairs LPA gives us the option of choosing one or more people to act as our attorney to make decisions in relation to our property and finances.
The health and welfare LPA allows us to do the same in relation to welfare based decisions, such as medical treatment and housing.
Making an LPA
We can make an LPA at any time provided we are over 18 and have the capacity to make decisions. It is important to note that if mental capacity has been lost then it will not be possible to make an LPA. LPAs therefore need to be made before we lose capacity.
Registering an LPA
Once an LPA has been made it needs to be registered with the Office of the Public Guardian. An attorney cannot begin to act under an LPA unless registration has taken place. There is a fee payable to the OPG when the LPA is registered. That fee is currently (November 2022) £82.
Do I need a solicitor?
You can make and register your own LPA, though about 75% of all LPAs are registered with the assistance of professional advisers.
The drawback of DIY LPAs is the risk that it is not done correctly and is either invalid or open to legal challenge. So while savings might be achieved in the short term, the costs could be significantly greater in the longer term.
If you have any questions about the cost of making an LPA then give us a call on freephone 0333 888 0404 or email us at [email protected]