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A durable power of attorney (DPOA) and a healthcare proxy are both written documents establishing an agency relationship, allowing an appointed agent to act on your behalf. These documents remain in effect while you are alive but become void upon your death. A DPOA enables you to designate a trusted individual to manage various aspects of your affairs, such as investments and bank accounts, in the event you are unable to do so. It is crucial to understand the specific powers granted to the agent in a DPOA, as they can encompass a wide range of financial responsibilities. On the other hand, a healthcare proxy focuses solely on healthcare decisions.