The order will give a general authority to manage the affairs of the protected person for a specified duration. Most orders would be issued until further order meaning that they stand indefinitely unless another court order is made in their place.
Any decisions falling outside the authority given in the court order will need a further application to the court. The court order will usually allow for the expected day-to-day running of the matter but any unexpected or large purchases will need court approval requiring a further application to the court.
Large gifts, purchases of property and statutory wills will all require further applications to the court for approval and with each application requiring several months to process, planning  ahead is crucial.