How much power of attorney costs Birmingham
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How much power attorney costs
UK executry law is quite a complicated subject especially when it comes to how much power attorney costs. However, if there is one aspect of executry law in the UK that you need to be aware of, it is the use of a power of attorney. This is especially true if you are an administrator or an executor of an estate, or if you wish to assign someone to become a temporary administrator of your properties and finances in your absence or while you are hospitalized or otherwise away from your place of residence.
With that said, a power of attorney can also work to the detriment of the person who issued the document in the first place – especially if it falls into the hands of an unscrupulous administrator. The person bestowed with the rights conferred in the power of attorney can make use of the said document to dispose of the properties of the real owner in manner that is unsuitable to the owner’s actual wishes and intent.
Still, despite the chances of abuse from an unscrupulous administrator, there are some actual advantages to using a power of attorney. For example, no matter how much power attorney costs, it is extremely useful in case a person becomes mentally incapacitated and needs to access his own funds in order to procure medicine. Having an administrator with a power of attorney would ensure that the mentally incapacitated individual will be able to access his own funds through his administrator.
How much power attorney costs – Types of Power Of Attorney
Currently, the only type of power of attorney that is being actively used by clients and drafted by solicitors would be the lasting power of attorney. As to how much power attorney costs, it would depend on the experience of the solicitor, the complexity of the properties of the individual for whom the power of attorney is issued, and other similar factors.
Before the date of October 1, 2007, the enduring power of attorney was the prevalent type of power of attorney. After this date however, the LPAs replaced the enduring power of attorney. Still, an enduring power of attorney signed before this date may still be honored.
Different Types of LPAs
If you are thinking about how much power attorney costs because you want to create a lasting power of attorney, then you also need to know about the different types of LPAs. There is the property and financial affairs LPA and the health and welfare LPA. You also have the option of making both types.
Fortunately, both LPAs are pretty self-explanatory. As the name implies, a property and financial affairs LPA allows you to appoint an attorney who will manage your properties and finances in your absence or incapacity. As to the health and welfare LPA, this allows you to appoint an attorney who can make decisions related to your health and welfare when you are unable to make these decisions on your own. The LPAs must be registered with the Office of the Public Guardian to have any legal effect.
The registration fee is £82 for each type of LPA. Therefore, it costs £164 for both types. Do take note that how much power attorney costs is not limited to registration fees. An experienced solicitor usually charges about £500, but of course the solicitor is always professionally bound to get things right.
Specialist Executry Lawyers, we can help with Living Trust, Will Writing, Wills and Probate, Power of Attorney, Guardianship Orders, Tax Inheritance or Estate Planning
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