How much does it cost to make a Will and Power of Attorney UK?

The best planning you can make for the future is to put both a Will and a Lasting Power of Attorney (LPA) in place. We take a look at the benefits of each and answer the question, how much does it cost to make a Will and Power of Attorney UK? 

At Lockings Solicitors, we have a high level of expertise in estate planning and helping clients ensure that their assets are dealt with in the way that they want. We can work with you to identify what you would like to happen in the future and put a strategy in place to safeguard you and your estate. 

We have represented clients in East Yorkshire and the York area in dealing with Wills and LPAs for many years and have wide experience, including in representing those in complex situations, with non-traditional family structures or with high-value estates. 

Why do I need a Will and an LPA? 

Making a Will 

Putting a Will in place allows you to pass on your wealth to your chosen beneficiaries when the time comes. You can ensure that it is drafted in a way that protects your assets, for example, by allowing your spouse to have a lifetime interest in them but making sure that they will ultimately be passed on to your children. 

You can structure matters in the most efficient and tax-effective way possible. Having a Will also reduces the risk of a dispute arising between family members, as everyone will know exactly what you want to happen. 

If you ask us to draft your Will, we can advise you on issues such as putting assets in trust for minors, the implications of leaving someone out of your Will and managing Inheritance Tax. 

Making a Lasting Power of Attorney 

A Lasting Power of Attorney can be at least as important as a Will if someone loses the ability to manage their own affairs. It is a legal document giving a trusted individual the power to make decisions for the person who signed the LPA, known as the donor. 

LPAs can be made for two types of decisions, as follows: 

• Property and financial matters 
• Health and welfare issues 

You may want to make both types, to ensure that your attorney can help you with all of your affairs, should this ever become necessary. 

The LPA will set out what you are allowing your attorney to do on your behalf. With a property and financial LPA, this will typically be: 

• Maintaining and insuring your home 
• Paying your bills 
• Receiving benefits on your behalf 
• Making investments 
• Selling your home, should this have to happen 

If you make a health and welfare LPA, you can authorise your attorney to deal with the following on your behalf: 

• Arranging your care 
• Deciding on your daily routines 
• Deciding what medical treatment you will have and what will be declined 

You can appoint more than one attorney if you wish and name back-up attorneys in case your first choice is unable to take on the role when the time comes. You can also have different attorneys for your property and financial affairs than you do for your health and welfare matters. 

Using an LPA 

Once an LPA has been made, it needs to be registered with the Office of the Public Guardian (OPG) before it can be used. It is usually advisable to register it straightaway, as the OPG can take several months to process an application and may also raise queries. 

After registration, the LPA can be kept until it is needed. Should you ever lose mental capacity, your attorney will be able to show the LPA to the relevant asset holders and authorities and will then be able to deal with your affairs for you. 

How much does it cost to make a Will and Power of Attorney UK? 

At Lockings Solicitors, we offer a fixed-fee service for straightforward Wills and Lasting Powers of Attorney so that you will know exactly how much the cost will be from the outset. 

For a quote, please call on 01482 300 200, email us at welcome@lockings.co.uk or fill in our contact form and we will be happy to talk you through the costs. 

There is a fee of £82 for registration of an LPA with the Office of the Public Guardian. The fee may be waived for those in receipt of certain benefits. 

If an LPA is not made and someone loses the ability to manage their affairs, their loved ones will need to apply to the Court of Protection for a deputyship order. This is a far more expensive process. As well as paying the application fee of £371, there may a hearing fee of £494 if the court decides to hold a hearing before making a decision. You are also likely to need to pay a medical practitioner to complete an Assessment of Capacity form, which can cost up to £500. There will then be an annual supervision fee which can be £320, plus an extra £100 for a new deputy. 

You may need to pay a security bond if you want to be appointed as a property and financial affairs deputy. The cost of the bond will depend on the level of assets owned by the patient. 

It can take the court a long time to deal with a deputyship application, meaning that no-one would be able to deal with the patient’s affairs in the interim, so it is always preferable to put an LPA in place wherever possible. This can only be done while someone still has mental capacity, as they need to understand the implications of what they are signing. 

If they have early stages of mental degeneration, they may still have sufficient understanding to sign an LPA. We can advise on the possibility of this. A certificate provider would need to certify that they had the mental capacity to make the LPA. 

Contact our East Yorkshire and York area Power of Attorney solicitors 

If you are considering making a Will or a Lasting Power of Attorney, our expert LPA solicitors would be happy to help you.