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A durable power of attorney is a legal document involving two parties: the principal, who grants authority, and the agent, who handles financial matters on behalf of the principal. This agreement is typically made in writing. While a spouse is commonly chosen as an agent, the principal can select anyone they trust, including a beneficiary of their will. The principal may appoint multiple agents to make joint decisions or designate an alternative agent if the primary one cannot act. The key distinction between durable power of attorney and general power of attorney is that the latter expires upon the principal's incapacitation, determined by a court, whereas the durable power remains effective until the principal's death or revocation.
