An Enduring Power of Attorney is an estate-planning mechanism that relates to financial decisions.
- Enduring means that the power of attorney continues to be effective even if you no longer have capacity to make these decisions;
- Power relates to the powers that are granted to your attorney and the financial decisions you allow them to make on your behalf; and
- Attorney refers to the person who you appoint to make these financial decisions. Generally people appoint their spouse and have a child or friend who live nearby as a backup.
In essence, you give your attorney the ability to make financial decisions on your behalf. Generally, your attorney is not authorised to spend your money on themselves.