The Ministry of Justice has launched a refund scheme to individuals who registered Lasting Powers of Attorney between 1 April 2013 and 31 March 2017.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (or LPA) is a document that allows a nominated person or persons to make financial or health and welfare decisions on your behalf if you were incapable of doing so. Before it can be used, it must be registered with the Office of the Public Guardian, which administers Lasting Powers of Attorney in England and Wales, and a registration fee has to be paid.
Forms of LPAs
There are two forms of Lasting Power of Attorney in England and Wales:
- Property and Finance – this is someone who can make financial decisions on your behalf, such as where to invest your money
- Health and Welfare – this is someone who can make health and welfare decisions on your behalf, such as what form of care you might require
In addition, some business owners may have more than one property and finance Lasting Power of Attorney to separate their personal and business affairs. The registration fee applies to each form of Lasting Power of Attorney separately.
Refunding registering costs
The costs for registering an LPA have fallen from £130 to £110 per LPA to £82 more recently. Between 1 April 2013 and 31 March 2017 the operating costs of the Office of the Public Guardian fell faster than the reduction in the fees for registering LPAs. As a result, those who paid the higher registration fee between these dates will be entitled to a refund of the amount that they were overcharged.
To claim a refund, please click here. There is also a refund service helpline available at the OPG contact centre, which can be reached by calling 0330 456 0300 and selecting option 6.
Get in touch
Like a Will, a Lasting Power of Attorney is an integral part of protecting you and your family. Should you want to discuss the benefits of putting a Lasting Power of Attorney in place, or how to protect your family, your financial planner can help. If you don’t have a financial planner, please get in touch on 020 7189 2400 or firstname.lastname@example.org.
Please note that Lasting Power of Attorneys and Wills are not regulated by the Financial Conduct Authority.
This article was previously published on Tilney prior to the launch of Evelyn Partners.