From 1st April 2017, the cost of registering a Lasting Power of Attorney was reduced from £110.00 to £82.00 due to what were deemed excessive charges over recent years.
The Office of the Public Guardian (OPG) has admitted that the actual costs involved in registering these documents has been much lower than the fee levied and that as a result of an increased number of applications and greater efficiency in registering the Powers of Attorney, they are able to reduce their registration fee.
In light of the above, the government has committed to refunding the thousands of people that recently submitted applications with a payment under the old regime but that has been paid for after the implementation of the new pricing scheme. This could amount to around 89 million pounds being refunded. Plans to reimburse those affected will be revealed in due course.
Following the reduced registration fee, now is a good time to put your affairs in order by putting Lasting Powers of Attorney in place. There are two types of Lasting Power of Attorney; one which deals with your property and financial affairs and one which cares for your health and welfare. A Lasting Power of Attorney appoints the people that you want and trust to act as your Attorneys and deal with your affairs on your behalf if you become unable to do so yourself.
Should you lose mental capacity without a Lasting Power of Attorney in place, your loved ones could face a lengthy and expensive application to the Court of Protection to be appointed as your Deputy.
If you would like to set up a Lasting Power of Attorney, contact our experienced, friendly and approachable Private Client team today on 01484 821 500, text LAW to 67777 or email willsandprobate@ramsdens.co.uk .