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A durable power of attorney involves two parties: a principal and an agent, where the principal designates the agent to manage their financial matters in writing. Typically, a spouse is chosen as the agent, but the principal can select anyone they trust, often someone who is also a beneficiary in their will. The principal may appoint multiple agents to act together or nominate an alternative agent if the primary agent cannot act. The key distinction between a durable power of attorney and a general power of attorney is that a general power of attorney becomes void upon the principal’s incapacitation, while a durable power of attorney remains effective until the principal dies or revokes it.
