In New South Wales a Power of Attorney is known as an Enduring Guardian. This covers the appointment of another person to make personal decisions or financial decisions (or both) on your behalf, in the event you no longer have the capacity to do so.
The appointed person you nominate is known as an “attorney”, and you can choose when their role as your “attorney” is to start. For example, when the document is signed, or when you cease to have decision-making capacity, or on a particular date that you nominate. It’s very important to nominate a Power of Attorney, even if you have full capacity now, as it will allow you to specify in detail the types of decisions you would like another person to make for you in the event of unforeseen circumstances. Note you can appoint different Attorneys for financial and personal matters – you know your contacts, some are going to be great at the financial stuff, but possibly they are not going to know enough about your personal needs in relation to health and personal care!