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 financing, they need to be competent and devoted. This is especially crucial because of the “durable” nature of this type of power of attorney, which in this case means the agreement is binding even in the event of the principal’s incapacitation. For this reason, the durable power of attorney form is a popular choice when planning for the future of one’s estate and business.
“Durable” Definition – § 45-5B-102
Laws – § 45-5B-104
Signing Requirements – Notary Public (§ 45-5B-105)