Enduring Power of Attorney: Critically Important Living Document
An Enduring Power of Attorney deals with property and financial matters during your lifetime if you become unable to make those decisions.
Most people believe (if that occurs) a spouse or family member can make those decisions which is false unless they are appointed under this relatively inexpensive document, namely an Enduring Power of Attorney, or if they do not have the capacity to instruct and execute that document then some interested party would have to apply to the Courts for a Trusteeship Order – which is very expensive, often can take up to 6 months to obtain, and you would have no say as to who would be appointed on your behalf. The only matter that a spouse or family member could do on your behalf without an Enduring Power of Attorney would be to access a joint bank account.
The main difference between a Power of Attorney and an Enduring Power of Attorney is that a Power of Attorney comes to an end when you the maker becomes incapacitated mentally, whereas under an Enduring Power of Attorney you only need to have your mental capacity when you execute or sign the document, thereafter it does not matter what your mental capacity is. That document will stay in effect (unless cancelled) until your death Upon your death the Enduring Power of Attorney comes to an end, and your Will (providing you have one) would provide how your property is dealt with and distributed to your beneficiaries.