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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. This designation is typically made in writing. While a spouse is often chosen, any trustworthy individual can be selected. Attorneys often recommend selecting a beneficiary of the principal’s will as the agent. The principal may also appoint multiple agents to make decisions together or an alternative agent if the primary agent is unable to act. Unlike a general power of attorney, which expires upon the principal's incapacitation, a durable power of attorney remains effective until the principal's death or revocation.
