A Lasting Power of Attorney is a document that allows you to choose someone you trust to make decisions for you in the event that you are unable to make them yourself (for example if you lost capacity). These people are referred to as your attorneys.
There are two types of LPA. You don’t have to have both but it certainly provides peace of mind to both you and your family if the documents are prepared and ready for registration. The two types cover your:
- Health and Welfare
- Property and Finance
The LPA will need to be registered before it is valid and usable. There are therefore normally two costs associated with the creation of an LPA.
Firstly, a professional estate planning professional will charge for assisting with the completion of the LPA forms. This will help to make sure that the forms are completed correctly and will not be rejected when they are sent for registration.
Secondly, when you decide you would like to give your attorneys the power to make the decision (enforce the LPA) then you will have to send the documents off to the Office of the Public Guardian (OPG). The OPG are a government body who deal with the applications for LPAs and Deputyships and provide protection for people who don’t have the capacity to make decisions for themselves. They charge an LPA registration fee to make the document valid. This fee has just been reduced from £110 per document (Health and Welfare or Property and Finance) to £82. If the forms are rejected then there is a re submission fee and this figure has also been reduced from £55 to £41.
There is no obligation to seek a professionals assistance in the creation of an LPA but they will be experienced in the completion of these forms and as such should be able to prevent mistakes that will lead to the rejection of these forms by the OPG.
For more information on Lasting Power of Attorney documents please contact a local member of the SWW. You can find them on the SWW website: https://www.willwriters.com/members/