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A durable power of attorney involves two parties: a principal, who grants authority, and an agent, chosen to manage the principal's financial matters. This agreement is usually documented in writing, and while a spouse is commonly selected, the principal can appoint anyone they trust. Attorneys suggest choosing a beneficiary from the principal's will as the agent. A principal may designate multiple agents to collaborate or nominate an alternative agent if the first cannot act. The key distinction between a durable power of attorney and a general power of attorney is that the latter expires upon the principal's incapacitation, while the durable power continues until the principal's death or revocation of the agreement.