How much does a lasting power of attorney cost?

A lasting power of attorney for property and financial affairs lets people you choose deal with your bank accounts, property, investments, bills, benefits and business interests. It is a separate document from the health and welfare LPA, and each must be registered on its own — hence the doubled fee if you want both.

Cost, and how to reduce it

• £82 per LPA to register with the Office of the Public Guardian.
• 50% remission — £41 — for people with an annual income under £12,000.
• Full exemption for those on certain means-tested benefits.
• Solicitor drafting fees on top, if you use one. The government's online tool is designed for people doing it themselves.

An LPA has no effect until it is registered, and the OPG currently quotes about 20 weeks. There is no fast track. Errors in the form — the wrong signing order, a missing signature, a wrong date — are the usual cause of rejection and delay, so make one while you are in good health rather than when capacity is already in question.

How it works once registered

You complete the form, a certificate provider confirms independently that you understand the document and are not being pressured, and you can name up to five people to be notified on registration, who then have three weeks to raise concerns. Signing must follow the correct order: donor, then certificate provider, then attorneys, each properly witnessed.

Unlike a health and welfare LPA, a property LPA can be used as soon as it is registered, with your consent, even while you have full capacity — useful during a long trip abroad or a temporary illness. You keep your own authority alongside the attorney's. If you would rather it only bite on loss of capacity, that restriction must be written into the document at the time; it cannot be added later.

Choose attorneys carefully. They can act jointly, requiring agreement on everything, jointly and severally, which is far more practical day to day, or jointly for specified decisions only. Appoint replacements, or the LPA may fail if your attorney dies or loses capacity. Attorneys must act in your best interests under the Mental Capacity Act 2005, keep your money separate from theirs, keep records, and not benefit themselves without express authority. Without any LPA, your family would have to apply to the Court of Protection for deputyship — typically six to twelve months, more expensive, and supervised annually.