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A durable power of attorney involves a principal and an agent, where the principal designates the agent to manage their financial matters through a written agreement. Typically, a spouse is chosen as the agent, but any trusted individual can be selected. Attorneys often recommend selecting a person who is also a beneficiary in the principal's will. The principal may appoint multiple agents to make decisions collectively or designate an alternative agent if the primary one is unable to act. The key distinction between a durable power of attorney and a general power of attorney is that the latter becomes void upon the principal's incapacitation, while the durable power remains effective until the principal passes away or revokes it.
