Fees for setting up a lasting power of attorney (LPA) are to be substantially reduced from 1 April 2017, the Government has confirmed.
LPAs, which can be set up by consulting a solicitor for specialist legal advice, are able to grant relatives, carers or close family members the authority to handle the property and financial affairs of a loved one who is no longer able to look after themselves, or has lost the ‘mental capacity’ to do so.
But according to a recent study, as many as 85 per cent of UK adults do not have an LPA in place, despite the fact that the Alzheimer’s Society predicts that the number of dementia cases in the UK will rise by 156 per cent between now and 2021.
However, according to a new document recently approved by Parliament, fees due under the Public Guardian to set up an LPA will be reduced as of 1 April 2017.
The reductions are as follows:
- The fee for an application to register an enduring, or a lasting, power of attorney will fall from £110 to £82.
- The fee for a repeat application to register a lasting power of attorney will fall from £55 to £41.
A lasting power of attorney can be drawn up quickly by seeking specialist legal advice, yet a worrying 44 million UK adults do not have one, and are unprepared for what the future may hold.