The main difference between a Power of Attorney and an Enduring Power of Attorney is that an enduring power still has an effect even after you lose mental capacity.
Unlike a Power of Attorney, an Enduring Power of Attorney will continue to operate even if you should lose mental capacity. The Enduring Power of Attorney will expressly state that this is to continue even if you lose mental capacity. It is an important document that will enable a trusted family member or friend that you choose to manage your financial affairs.
You can decide the limits and scope of both a Power of Attorney and an Enduring Power of Attorney. They are an important part of providing some security to you and your family. Enduring Power of Attorneys, in particular, provides security should you lose mental capacity through injury or illness and will help others to plan your finances to best look after you.
Your Enduring Power of Attorney will take effect once your attorney accepts the power by signing the acceptance. Neither a Powers of Attorney or Enduring Power of Attorney can be executed if the person ceases to have mental capacity. It is for this reason that you should consult with an attorney to discuss your needs while you are still well and have no capacity issues. Attorney’s are easily found by consulting the yellow pages in your location or getting a referral from a trusted friend.