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An Enduring Power of Attorney is a legal document where you (‘the donor’), appoint a person of your choice (‘the donee’) to manage your assets and financial affairs if you are unable to do so due to illness, an accident, or your absence. An Enduring Power of Attorney can also be activated if you feel you simply cannot cope with the complexity of managing your financial affairs. For example, your partner has always managed the finances but passes away leaving you to do it all for the first time.
The appointment may come into operation immediately or may be deferred for a future need or event. It can be for a fixed period or to perform a specific task and may be revoked by you at any time, providing you have mental capacity to do so, (being of sound mind).