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A durable power of attorney (DPOA) involves two parties: a principal who selects an agent to manage their financial matters. This selection is typically formalized in writing. Although spouses are often chosen as agents, the principal can select anyone they trust, with attorneys suggesting that individuals named as beneficiaries in a will are good candidates. 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 and a general power of attorney is that a general power of attorney ceases when the principal becomes incapacitated, while a durable power of attorney remains effective until the principal’s death or their revocation.
