Zurich has published a new guide to help people put their financial affairs in order should they or a loved one become mentally incapacitated.
A guide to Deputyship and Lasting Power of Attorney, available on the insurer's website, outlines what people need to do if they wish to appoint someone else to handle their financial affairs.
Zurich's latest guide is intended to help:
• Customers in good mental health who are considering putting things in place should they develop mental health problems in the future
• Customers in the early stage of dementia who are looking to plan ahead for when they become mentally incapable of managing their own finances
• Families and carers acting on behalf of customers no longer able to manage their own affairs
The new guide offers practical guidance for those new to the subject, including tips on how to choose an attorney and things to bear in mind when deciding on the extent of their attorneys' decision making powers.
It also explains the definition of what constitutes ‘mental capacity', outlines mandatory information required to complete the relevant forms and gives details of registration fees, as well as signposting people to sources of further information.
Gareth Jenkins, head of in-force propositions at Zurich said: "We understand that there will be times when our customers may need their family members or carers to contact their insurer and request policy information on their behalf.
"As an insurer we have a duty of care to make it as easy as possible to share that information whilst ensuring we don't compromise confidential customer information - that's why we've developed the new guide to help empower our customers to put the appropriate levels of authority in place early so we can share customer information with their nearest and dearest when they need it."
George McNamara, head of policy and public affairs at Alzheimer's Society, said: "As dementia progresses, there will probably come a time when the person is no longer able to manage their own affairs, as they are said to lack the ‘mental capacity' to decide for themselves. At this stage, families or friends may need to access or share information on behalf of a person with dementia.
"Lasting Power of Attorney can provide a crucial lifeline to maintaining independence and without access it can lead to unnecessary worry amongst people with dementia and their carers, not to mention an inability to use vital services. Having access to the right information to help understand how to apply is essential to help people feel confident and empowered so they have the right knowledge to exercise their rights."
