Lasting power of attorney (LPA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf in the event that you become unable to do so yourself. This is an important document and should not be taken lightly, so it is important to understand the costs associated with setting up an LPA in the UK.
When it comes to the cost of setting up an LPA, the fees can vary depending on the type of LPA and the number of LPAs you are setting up. Generally, solicitors will charge a fixed fee for setting up an LPA.
For a single LPA (an individual is making one type of LPA), the fee is usually around £400 plus VAT. If you are setting up two LPAs (where a couple are making one LPA each or an individual is making both types), the fee is usually around £700 plus VAT. If you are setting up four LPAs (a couple are making both types), the fee is usually around £1000 plus VAT.
It is important to note that the fees outlined above are only for the initial set up of the LPA. If you require any additional advice or assistance from your solicitor, then you may be charged an additional fee.
When choosing a solicitor to set up your LPA, it is important to shop around and compare fees. You should also make sure that the solicitor you choose is experienced in setting up LPAs and that they are familiar with the relevant laws and regulations.
Finally, it is important to remember that setting up an LPA is a serious decision and should not be taken lightly. It is important to take the time to consider all of your options and to make sure that you are making the right decision for you and your family.
