New Mexico power of attorney forms must comply with Title 45 of New Mexico’s Uniform Power of Attorney Act. These statutes specifically outline the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties are protected under the law. Here are some of the state’s power of attorney requirements:
A principal may designate which powers the agent does and doesn’t have the ability to exercise. The principal also has the right to include an expiration date inside of the power of attorney as well as to revoke the document. Revoking the power of attorney can take place as long as the principal is competent. There are additional ways that a power of attorney is terminated according to New Mexico’s Uniform Power of Attorney Act. Here are a few:
There are many reasons why someone would use a New Mexico power of attorney form to give someone the authority to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s power of attorney needs may vary depending on their circumstances. Thankfully, there are several types of power of attorney documents. Before determining which power of attorney document to use, you should seek legal advice. Ask about which POA is best to suit your needs as well as how to revoke the document should it become necessary for you to do so. Here are the most common power of attorney form types used in New Mexico.
General Power of Attorney
A general power of attorney grants an agent the ability to make decisions on behalf of the principal.
New Mexico Durable Power of Attorney
A New Mexico durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney is also known as a special power of attorney. It grants limited power to whatever the principal specifies.
Medical Power of Attorney
A medical power of attorney allows the agent to make healthcare decisions on behalf of the principal. However, it is not the same as an advance health care directive or a living will.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate of power of attorney grants power to the agent to buy, sell, and manage real estate on behalf of the principal.
Tax Power of Attorney
A tax power of attorney, officially known as Form ACD-31102 allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the Taxation and Revenue Department on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney, officially known as Form MVD-11020, allows the agent to buy, sell, and handle the necessary paperwork with the New Mexico Department of Motor Vehicles on the principal's behalf.