(a) Durable Power of Attorney — A durable power of attorney is a power of attorney by which a principal designates another as the principal’s attorney in fact in writing and the writing contains either the words: “This power of attorney shall not be affected by the disability of the principal” OR “This power of attorney shall become effective upon the disability or incapacity of the principal” or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal’s subsequent disability or incapacity. A durable power of attorney may be either general, limited, or specific in nature as determined by the principal.

(b) Disability or incapacity — A person is deemed to be disabled or incapacitated, when by reason of age, disease, weakness of mind or other cause, he is unable to properly manage and take care of himself or his property, without assistance, and lacks the legal ability to act.

(c) Competent — A competent person is one having sufficient ability or authority, and possessing the requisite natural or legal qualifications to act.