If you are applying to be a Deputy for Property and Affairs for someone who lacks the capacity to manage their own finances, there are several costs involved, which may include:
The Application fee:
There is a one-time application fee to become a deputy, which is currently £371 in England and Wales. This fee covers the cost of processing your application.
An Assessment fee:
In addition to the application fee, you may also need to pay an assessment fee for a medical professional to assess the capacity of the person you wish to become a deputy for. This fee can vary depending on the healthcare professional you choose.
The Security Bond fee:
If you are appointed as a deputy, you may be required to pay a bond fee. The bond fee is a type of insurance that ensures the person’s finances are protected from any misuse or mishandling by the deputy. The cost of the bond fee can vary depending on the size of the person’s estate and the level of risk involved.
Once appointed as a deputy, there may be ongoing fees to pay for things like annual supervision and filing annual reports with the Court of Protection. These fees can vary depending on the complexity of the person’s estate and the level of supervision required.
It’s worth noting that if the person you wish to become a deputy for is on a low income, they may be eligible for help with the application fee and assessment fee.
View this video on the Money Carer YouTube channel