Power of attorney
A power of attorney is a legal planning document that enables another person to manage your finances for you. Unlike a will, power of attorney is only in effect while you are still alive. It is recommended that you seek legal advice before signing a power of attorney.
If you are unhappy with how your finances are being managed, you can revoke power of attorney at any time. Ordinarily power of attorney is only valid as long as you are mentally fit; if you have given someone power of attorney and are no longer mentally fit, then the power of attorney is usually invalidated.
Enduring power of attorney is a document which allows another person to continue to manage your finances in the event that you are no longer mentally fit. This can often be a good idea if you suffer from a disease affecting brain function, or mental illness.
Springing power of attorney is a power of attorney which comes into force at some time in the future - either on a specific date, or after specific conditions have been met.