As with everything financial, sadly, when it comes to putting a price on getting a Lasting Power of Attorney, it can be quite complicated.
So, we have broken this section down into easily digestible parts.
A Lasting Power of Attorney will cost around £82.00 per application in England and Wales so if you are looking for both the Health and Wellbeing and the financial Lasting Power of Attorney the cost is £162.00.
However, this is just the application for both there are also professional advisor costs.
So let's look at these in more detail.
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The consequences of getting a Lasting Power of Attorney being incorrect and quite severe in terms of what happens to the person in question.
We all want to make sure our loved ones have the care they require, and we can make the best decisions for them should they sadly become incapacitated.
So getting professional advice is recommended and the costs can vary between £400 - £1,000 depending on the complexity of Lasting Power of Attorney.
Well, this is undoubtedly a question only you can answer. However, let's look at the consequences of getting a Lasting Power of Attorney set up incorrectly that doesn't cover everything required.
Although the guidance in setting up a Lasting Power of Attorney is quite extensive, mistakes do happen. They should the Lasting Power of Attorney be rejected at the registration there will be additional fees to pay to correct it.
However, if the person in question is sadly incapacitated, then you will need to go through a lengthy and expensive Court of Protection. Which can drag on for months and if other family members are not satisfied with the verdict can be appealed, dragging it on further.
So is getting some professional help recommended, yes!
This is a complicated question, so it's easier for us to detail why Lasting Power of Attorney are sometimes not accepted at the registration.
These are just some of the rejections, so it's undoubtedly worth getting a professional, who deals with Lasting Power of Attorneys daily to work on it, even with the cost.
Well, yes, there could be depending on your circumstances.
There are concessions to Lasting Power of Attorney costs if you are on housing support, Job Seekers allowance or work-related disability benefits.
A full list of concessions and remissions can be found on the Gov.uk website by clicking here.
And with everything financial, it's always worth talking to the Citizens advice bureau in your local area; they can offer you great advice and have lots of contacts.
However, there is also another tip! If you are looking at both a Will and Lasting Power of Attorney and even some tax inheritance then it is worth speaking to the solicitor or whichever company you decide to go with about all three at the same time.
Sometimes, these companies can offer a bundling service and cost – it's certainly worth a conversation.
Spending a little bit extra to get a professional to oversee and conclude the Lasting Power of Attorney is certainly worth it. It could cost you lots of additional costs later down the line and discuss getting a bundle deal to cover the Lasting Power of Attorney, Will writing and tax inheritance advice.
Here at Money Savings Advice, we have partnered with one of the UK’s leading Will-writing companies, and they are members of The Society of Will Writers, and they have already helped thousands of our readers get the right Will in place.
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