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A durable power of attorney involves two parties: a principal and an agent. The principal designates the agent to manage their financial matters in writing, typically choosing a trusted individual, often a spouse or a beneficiary in their will. Multiple agents can be appointed to act together, or an alternative agent can be nominated if the first is unable to act. The key distinction between a durable power of attorney and a general power of attorney is that the latter ceases to be effective if the principal becomes incapacitated, while a durable power of attorney remains in effect until the principal's death or until it is revoked.
