New Mexico power of attorney forms can be executed to appoint a trusted individual (“agent” or “attorney-in-fact”) to represent another person in their financial dealings, medical care decisions, and other important personal and/or business affairs. These documents are often set in place to ensure one’s best interests are taken care of in the event of disability or other incapacitation. However, not all power of attorney forms remain valid upon the principal’s incapacitation, so it’s important to make sure one is executing the appropriate document. One must also be careful in their selection of an attorney-in-fact; it’s usually recommended that the appointed agent be a spouse, relative, close friend, or other dependable individual.
Laws – Chapter 45, Article 5B – Uniform Power of Attorney
A New Mexico durable (financial) power of attorney form is used to appoint a trusted person as one’s attorney-in-fact (agent or representative) in regard to financial decisions. An agent should be selected based not only on their ability to effectively manage the principal’s finances but also because of their close relationship with the principal. Since this agent will be in charge of all personal and business…
A New Mexico medical power of attorney form gives the principal the ability to appoint a medical representative and make decisions on medical treatment and healthcare options they wish to receive in the future. The principal’s appointed representative (agent) will have the authority to make important medical decisions on their behalf in the event of incapacitation. This position is usually given to a spouse, relative,…
A New Mexico general power of attorney form allows someone to appoint someone else to handle all (or most) of their financial affairs. While a durable power of attorney remains intact in the event of the principal’s incapacitation, a general power of attorney becomes void as soon as the principal is unable to make important decisions for themselves. Since a person is only able to…
A New Mexico minor child power of attorney enables one or more parents to authorize temporary guardianship over their minor child or children. An example of appropriate use would be if a single parent were to leave on a business trip or for military deployment for an extended period of time. While away, the parent will want a trusted individual, such as a relative, close…
A New Mexico limited power of attorney form establishes a temporary or limited arrangement between the principal and an appointed attorney-in-fact. This type of form allows the principal to grant certain legal powers to the attorney-in-fact in regard to one or a number of specific financial tasks or business transactions. The form becomes void when the task/transaction is complete or upon the termination date as…
A New Mexico motor vehicle power of attorney form grants permission to a designated representative to act on behalf of the principal (owner of the vehicle). Also known as Form MVD-11020, a vehicle power of attorney document means that the principal does not have to deal directly with New Mexico’s Motor Vehicle Division. Instead, the attorney-in-fact will present themselves (with proper identification, this form, and…
A New Mexico tax power of attorney form (Form ACD-31102) establishes a legal relationship between the principal and the tax accountant they have hired to file their taxes. While a general or durable power of attorney can authorize an attorney-in-fact to complete all tax-related matters for them, this document will limit the agent’s powers to solely file the principal’s taxes, specifically those administered by the…
A New Mexico real estate power of attorney is a legal contract by which an individual, the “principal,” appoints an agent to represent them in making decisions regarding real estate. The agent may be given the authority to buy, sell, and manage property in the principal’s name. The most common purpose of using an agent is to close the purchase or sale of real estate, either…
