Free New Mexico Power of Attorney Forms
A power of attorney (POA) is a legal document that allows a person, known as the agent, to make decisions on behalf of another person, referred to as the principal. It is an important document that ensures business and other legal activities are not hampered by the principal’s unavailability for various reasons — from illness to being out of the country.
New Mexico Power of Attorney by Type
Identifying the right type of POA for your specific needs is essential. This will make it easier for the agent to use it as permission to act on behalf of the principal.
What are the different types of POAs?
- General Power of Attorney - a document that can be used as blanket authority for the agent to decide on behalf of the principal. With this type of document, the agent can manage businesses and handle bank accounts. They can also buy and sell properties and more. However, it loses its power when the principal becomes incapacitated.
- Durable Power of Attorney - unlike the general POA, the durable POA doesn’t lose its authority even when doctors have declared the principal mentally incompetent. It is an essential document for people who develop a sickness that may eventually lead to mental incapacity and failure to make sound decisions.
- Medical or Healthcare Power of Attorney - as the name implies, this is a POA for someone who is sick and needs somebody else to make healthcare decisions on their behalf. It is almost always durable so that medications and medical procedures are not affected or delayed.
- Springing Power of Attorney - is a document where the power or authority will only spring into action when the principal becomes mentally incapacitated, per doctors’ evaluation. It is an ideal document when the principal is already having health issues.
How to Get a Power of Attorney in New Mexico
The easiest way to get a POA in New Mexico is to visit the nearest law office and have one created. But to save money, you can also download the specific type of POA you need online. All you need to do is download it, fill it out, and sign it. Make it legal by having a notary public acknowledge it unless it is a medical POA where two witnesses will suffice.
New Mexico Power of Attorney Laws
- Current New Mexico Statutes Annotated 1978 - is the main law that provides the structure for creating Power of Attorney Laws in the U.S. The law defines “an agent as the attorney-in-fact who exercises durable and non-durable power on matters of business, finances, and even healthcare” (NM Stat § 45-1-201).