What do I need to know about powers of attorney?

You can set up a power of attorney to specify a legal representative, who looks after your money if, for example, you become so ill that you can no longer make your own decisions. As is the case for a will, a power of attorney must be personally written, dated and signed, or you can have it publicly notarised. Married couples should also set up a power of attorney. This means that a spouse can make important decisions above and beyond those related to maintenance requirements and how to manage income and assets without approval from the relevant Child and Adult Protection Authority.