The UK government has recently announced that the fees for lasting powers of attorney will increase towards the end of 2025.
This intention has prompted solicitors in Bangor and throughout the UK to advise their clients to consider their options for planning their futures as soon as possible before these changes are introduced.
The intended cost increase will mean that it will become more expensive to register each lasting power of attorney. There are types of LPAs, and these are a health and welfare LPA and a property and financial affairs LPA. Many people choose to secure both of these, so it is vital to consider timescales when doing this so individuals can save some money.
The cost of each LPA is currently £82, but the new cost will be £92 by the end of 2025. Even though initially, this may seem like a small, inevitable cost increase, it could potentially cause financial pressure on those planning their estate in the event of their death. It is anticipated that the new fee structure will come into place on the November 17, 2025, so solicitors in Porthmadog are encouraging people to take heed of this deadline. The government is arguing that the rise in cost is necessary to continue funding the Office of Public Guardian and to ensure that it can carry out its work quickly and efficiently.
At Bennett Smith Solicitors we can offer advice and guidance on planning for your future, including options for lasting powers of attorney, so make contact with us today.
