https://www.tag.nsw.gov.au/what-is-a-power-of-attorney.html

What is a Power of Attorney?

A Power of Attorney is as important for life planning as making a Will. Many people prepare a Will but do not give the same consideration to appointing an attorney until it is too late. Appointing an attorney gives your attorney the legal authority to look after your financial affairs on your behalf.

You can appoint an attorney to act for you in a variety of circumstances such as an extended interstate or overseas trip, or for a time when you are no longer able to manage your own affairs.

NSW Trustee & Guardian can prepare your Power of Attorney and act as your attorney under a Power of Attorney. When NSW Trustee & Guardian prepares your Power of Attorney, you can appoint either:

• NSW Trustee & Guardian to act as your attorney
• a person of your choosing to act as attorney and NSW Trustee & Guardian as substitute attorney
• a person of your choosing to act as attorney.

 When you appoint NSW Trustee & Guardian as attorney we offer either Future Assist or Active Assist.

• Future Assist : A Power of Attorney designed to provide you with a safety net should unforseen events occur.
• Active Assist : A Power of Attorney where you are able to choose the level of assistance you require.

There are many reasons to consider using a Power of Attorney; you may:

• wish to be free of the day to day demands of financial paperwork and record keeping
• want to place funds in a secure account with interest calculated daily and flexible access
• be going overseas or around Australia and don’t want to deal with these affairs while you’re away
• not wish to burden a family member or friend with the responsibility of looking after your financial affairs
• find the demands of financial management have become too much for you to handle on your own.