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A durable power of attorney involves two parties: a principal and an agent. The principal appoints the agent to manage financial matters on their behalf, typically in writing. While a spouse is often chosen, the principal can select anyone they trust, with attorneys suggesting a beneficiary of the will as a reliable choice. Multiple agents can be appointed to make decisions jointly, or an alternative agent can be designated if the primary agent fails to act. The key distinction between durable and general power of attorney is that the general version expires if the principal becomes incapacitated, whereas the durable power remains effective until the principal's death or revocation.