Introduction
Brief Definition of Power of Attorney
A Power of Attorney (PoA) is a legal, living document which allows someone you trust to make decisions on your behalf regarding your health and/or your finances. This means that it is no use to you when you pass away, and should be put in place when you are still alive.
Significance of Having a Power of Attorney
Having a Power of Attorney in place is very important, it will only come into place when a medical professional deems you to no longer have capacity - after this stage, your attorney will be able to make health and financial decisions on your behalf.
If you do not have a Power of Attorney and you lose the ability to make decisions for yourself, the person who makes decisions on your behalf may not be the person you would have chosen.
Contrary to popular belief, your next-of-kin, family or other people close to you do not have the legal right to make decisions for you if you lose capacity.
Although hospital staff will try to involve you in decisions about your treatment options, it may not be possible if you are unable to communicate your wishes and you don't have a Power of Attorney.
How much does a Power of Attorney cost?
It is very important to have a Power of Attorney in place, ensuring that when it matters most your wishes are not only met but respected. At the time of writing (June 2024), Thomas Bradley & Co offer Power of Attorney services starting from £299-£399 plus VAT. The price of the service will depend on whether you are a single person, or a couple who is looking to put the document in place.
Registration Fees
The fees for a Power of Attorney are dependent on the price set by the official governing organisation known as The Office of the Public Guardian. At the time of writing (June 2024), the cost to register a Power of Attorney is £85 per Power of Attorney document. We register your document on your behalf and do not charge for the service, however you must pay the Office of the Public Guardian registration fee.
This fee may be subject to annual changes; however any increase is generally inline with inflation and therefore should not affect the affordability of registration.
If you or your partner receive benefits e.g. universal credit, personal independence payment, income support etc. you may be exempt from paying the registration fee.
How to Get Started
If you are looking to get your Power of Attorney in place, get in touch with us today for a free consultation with one of our experienced and knowledgeable Estate Planning Consultants.
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