How Much is a Lasting Power of Attorney?
In today’s fast-paced world, ensuring that your affairs are in order is more important than ever. One crucial document that many individuals consider is a Lasting Power of Attorney (LPA). But how much does it cost to obtain one? This article delves into the factors that influence the price of a Lasting Power of Attorney and provides a comprehensive guide to help you make an informed decision.
Understanding the Cost Factors
The cost of a Lasting Power of Attorney can vary depending on several factors. Here are some of the key elements that contribute to the overall price:
1. Type of LPA: There are two types of LPAs: Property and Financial Affairs LPA and Health and Welfare LPA. The cost may differ between the two, as they serve different purposes.
2. Professional Services: Engaging a solicitor or a legal professional to draft and register your LPA can significantly impact the cost. While some individuals opt to complete the process themselves, others prefer the peace of mind that comes with professional assistance.
3. Registration Fee: The Office of the Public Guardian (OPG) charges a fee for registering an LPA. This fee is currently set at £82 for a Property and Financial Affairs LPA and £41 for a Health and Welfare LPA.
4. Additional Services: Some individuals may require additional services, such as help with completing the LPA form or guidance on the best practices for drafting an LPA. These services can add to the overall cost.
Cost Range
Based on the factors mentioned above, the cost of a Lasting Power of Attorney can range from as low as £41 (for a Health and Welfare LPA) to several hundred pounds. Here’s a breakdown of the potential costs:
1. DIY Approach: If you choose to complete the LPA form yourself and register it with the OPG, the cost will be the registration fee only. This option is the most affordable, but it requires a thorough understanding of the legal requirements.
2. Professional Assistance: Hiring a solicitor or a legal professional to draft and register your LPA can cost anywhere from £200 to £500 or more, depending on the complexity of your case and the expertise of the professional.
3. Online Services: Some online services offer assistance with drafting and registering an LPA for a fee ranging from £50 to £150. These services can be a cost-effective alternative to hiring a solicitor, but it’s essential to research the provider’s reputation and expertise.
Conclusion
In conclusion, the cost of a Lasting Power of Attorney can vary based on several factors, including the type of LPA, professional services required, and registration fees. While it’s important to consider the cost, it’s equally crucial to ensure that your affairs are in order for your future well-being. Whether you choose to go the DIY route or seek professional assistance, investing in a Lasting Power of Attorney is a wise decision that can provide peace of mind for you and your loved ones.
