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A durable power of attorney involves two parties: a principal who designates an agent to handle their financial matters. This arrangement is typically documented in writing. Commonly, a spouse is selected, but the principal can choose anyone they trust, often an heir in their will. The principal can appoint multiple agents to make joint decisions or nominate an alternate agent if the primary one is unable to act. Unlike a general power of attorney, which ceases when the principal becomes incapacitated, a durable power of attorney remains valid even in such circumstances, continuing until the principal's death or revocation of the document.
