In April, it was announced that the cost of registering a Lasting Power of Attorney would be reduced.Yet according to research, over 80% of UK adults* do not currently have an LPA in place despite applications rising sharply in the past year.In the following article, the expert estate planning solicitors at Farnworth Rose explain why not having a Lasting Power of Attorney in place could be a costly mistake and outline why seeking professional, legal advice when drafting an LPA represents a good investment.If you have a question regarding Lasting Powers of Attorney and would like to speak with one of our experienced estate planning team, call 01282 695400 now.

Why you shouldn't put off making an LPA

Whilst no one likes to think about their own mental and physical demise, by ensuring that you have a valid Lasting Power of Attorney in place, you retain control over who can make decisions on your behalf should illness, accident or age render you incapable.Imagine the following scenario: you are driving home from work when you are involved in a car accident and placed in a coma. Who will decide what care you receive? Who would ensure that your household and personal bills are paid?Even if you are part of a married couple, you may find that your partner is not able to access either private or jointly held accounts if one of you is deemed to have lost capacity and there is no LPA in place.

Not having an LPA could prove a costly mistake

In the above instance, your loved ones may be faced with the prospect of applying to the Court of Protection for a Deputyship order. The costs associated with this process are often considerably higher than those of drafting a Lasting Power of Attorney and it is not uncommon for deputyship requests to take months to action, adding both financial and emotional stress at an already stressful time.

Options for drafting your LPA

Whilst having an LPA in place may well be priceless, the costs associated with drafting and registering the documents vary. The total payable will also depend upon whether you take out a single Power of Attorney or opt for both a Health and Welfare LPA and a Property and Finance LPA.In England and Wales, if you choose to draft the documents yourself without professional help, the major cost involved is the £82 registration fee payable per LPA to the Office of the Public Guardian. In Scotland, this fee is £75 per document and in Northern Ireland, the cost rises to £127 per power of attorney.If you are in receipt of certain benefits, or your income is below £12,000 per annum, you may be entitled to an exemption or reduction in these fees.However, DIY LPAs are not without their dangers and can prove something of a false economy - if there were any errors in the documentation, your application could be rejected and you would be faced with incurring extra costs and time delays.For these reasons, we would always advise that seek professional advice when drafting a Lasting Power of Attorney and consider instructing a regulated solicitor.

How Farnworth Rose can help you with a Lasting Power of Attorney

As one of the most popular law firms in Lancashire, Farnworth Rose have many years' experience in all areas of estate planning, including Lasting Powers of Attorney. We are committed to providing affordable legal solutions and are pleased to offer discounts for multiple LPAs.Our bundle of 4 Lasting Powers of Attorney for couples represents value for money and means that both you and your partner will be protected with a Health and Welfare LPA and Property and Finance LPA. We are also pleased to store the documents for you in safe custody for no extra cost, meaning that they can be quickly accessed when needed.

Contact the Lasting Power of Attorney specialists at Farnworth Rose

To receive tailored advice on how Farnworth Rose can help secure your future with a Lasting Power of Attorney and the costs involved in this, contact our dedicated estate planning solicitors today.Call 01282 695400 for an informal and free, no obligation consultation.Alternatively, fill in your contact details online and a LPA expert will be in touch as soon as possible.   *Figures obtained from Co-Op Legal Services