How much does a Lasting Power of Attorney cost?
1 May 2018
Author: Alison Rowley
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Arranging a Lasting Power of Attorney may not be as expensive as you think. Also, for a small cost now, you may be saving your family and friends additional costs in the event you lose mental capacity. Having a Lasting Power of Attorney ensures that someone you trust will be managing your affairs. At Hepburn Delaney we can help you with all elements of a Power of Attorney; the forms, registration, or if you need help as an attorney.
In England it costs £82 to register a Lasting Power of Attorney with the government. As this is such an important document, you should get legal advice when preparing your Lasting Power of Attorney. Hepburn Delaney can help you complete the forms and register the Lasting Power of Attorney on your behalf. We can offer a fixed price for this work so that you will know beforehand the total costs involved. If the Power of Attorney is not prepared and registered correctly then this could cause difficulties for your attorneys, at the time they come to rely on the documents.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is used when you want to legally give one or more people, the power to manage your money and property if you lose mental capacity. If you are unable to make decisions for yourself, then you can choose people to make decisions on your behalf. These people are called attorneys. You make these decisions in a legal document called a Lasting Power of Attorney.
At the time you make your Power of Attorney you must be able to make your own decisions, so it is worth having a plan in place now.
There are two types of Lasting Power of Attorney, you can set up one or both;
Property and financial affairs;
An LPA for property and financial decisions can cover things such as:
-buying and selling your property
-paying the mortgage
-investing your money
-paying the bills
-arranging repairs to property.
You are able to restrict the types of decisions your attorney can make or let them make all decisions on your behalf.
If you’re setting up a lasting Power of Attorney for financial decisions, your attorney must keep accounts and make sure their money is kept separate from yours.
A financial Lasting Power of Attorney can be used as soon as it is registered, or you can choose to wait until you no longer have mental capacity.
Health and welfare;
This covers health and care decisions and can only be used once you have lost mental capacity. An attorney can make decisions about things such as:
-where you should live
-your medical care
You can also give special permission for your attorney to make decisions about life-saving treatment.
Hepburn Delaney can provide you with a quote for the costs of preparation and registration. Contact Hepburn Delaney on 01442 218090 for your quote. We are here to help you.