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A durable power of attorney involves two parties: a principal and an agent. The principal selects the agent to manage financial matters on their behalf, typically in writing. While a spouse is often chosen, any trustworthy person can be selected, and it's recommended to choose someone who is also a beneficiary in the principal's will. The principal may appoint multiple agents to make decisions together or designate an alternative agent if the primary agent cannot act. The key distinction between durable and general power of attorney is that a general power of attorney expires if the principal becomes incapacitated; in contrast, a durable power of attorney remains effective until the principal's death or revocation.