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A durable power of attorney involves two parties: a principal who designates an agent to handle financial matters on their behalf. This arrangement is typically documented in writing. While a spouse is commonly chosen as the agent, the principal can select anyone they trust, often someone who is also a beneficiary in their will. Multiple agents can be appointed to make decisions together, or an alternative agent may be named if the primary agent is unable to act. The key distinction between a durable power of attorney and a general power of attorney is that the latter expires if the principal becomes incapacitated, while the durable version remains effective until the principal dies or revokes it.
