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A durable power of attorney is a legal document involving two parties: a principal and an agent. The principal designates the agent to manage their financial matters, typically in writing. While a spouse is often chosen as an agent, anyone deemed trustworthy can be selected. Attorneys advise choosing a beneficiary in your will as the agent. The principal can appoint multiple agents to make joint decisions or establish an alternative if the primary agent cannot act. Unlike a general power of attorney, which ends if the principal becomes incapacitated, a durable power of attorney remains effective even in such situations, lasting until the principal's death or until revoked.
