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For transactions involving personal property, real estate, financial holdings, and legal affairs, powers can be issued in a limited or general capacity, with or without durability. A “durable” POA has the specific function of creating agency that is not terminated by the declarant’s incapacity. For those seeking to instate an attorney-in-fact for their future health care needs, an advance directive can be utilized to nominate an agent as well as provide a space to confirm one’s wishes concerning possible health care treatment options ahead of time. Each agreement delivers expressed legal authority, therefore it is advised that the granting party seeks to consult with a lawyer prior to signing.
Laws
Statutes – New Mexico Statutes – Uniform Power of Attorney Act (§ 45-5B-101 – 45-5B-403) and New Mexico Statutes – Uniform Health-Care Decisions (§ 24-7A-1 – 24-7A-18)
Definition – “Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term “power of attorney” is used (§ 45-5B-102(G)).
Signing Requirements – Notarization is necessitated to complete the majority of the POA arrangements. New Mexico state legislature does not obligate that the advance directive agreement is acknowledged and endorsed by two (2) suitable witnessing parties, but it is highly suggested. For those forms that do not require notarization or witnesses to confirm finalization, it is advised to retain the services of a notary for certification purposes (§ 45-5B-105).
Revocation – § 45-5B-110 and § 24-7A-3
By Type (9)
- Advance Directive (Medical POA & Living Will)
- Durable (Financial) Power of Attorney
- General (Financial) Power of Attorney
- Limited (Special) Power of Attorney
- Minor Child Power of Attorney
- Motor Vehicle Power of Attorney
- Real Estate Power of Attorney
- Revocation of Power of Attorney
- Tax Power of Attorney
Advance Directive (Medical POA & Living Will) – Blends the benefits of a medical power of attorney form with a living will into one compound document. It establishes a declaration of one’s medical treatment desires and assigns a representative for a patient concerning health care decisions, taking effect should the principal enter a sustained unconscious state.
Download: PDF, Word (.docx)
Signing Requirements: Acknowledgement requirements are not specified within the New Mexico Statutes, but having two (2) witnesses present to confirm the arrangement is recommended.
Durable (Financial) Power of Attorney – Originates documentation of an agreement to allow another to receive denoted controls over specified holdings and/or legal matters. The commitment’s durability enables the contract to remain enforceable even in the event of the declarant’s incapacity.
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Signing Requirements: Acknowledgment by a notary official is necessary to confirm the agreement’s validity.
General (Financial) Power of Attorney – Refines the terms and conditions of a commitment to allow a person to grant designated permissions to another for financial management and transaction use.
Download: PDF, Word (.docx)
Signing Requirements: Acknowledgement must be carried out in the presence of either a notary or another individual authorized by law to take acknowledgments in the state of New Mexico.
Limited (Special) Power of Attorney – A written instrument used to advance powers as explicitly defined by a principal to an appointed agent temporarily.
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Signing Requirements: Acknowledgement from an approved notary will be required to complete the execution of the form.
Minor Child Power of Attorney – Fashions a written contract effectively setting up received privileges for another person to care for and represent a child for the parent on an interim basis.
Download: PDF
Signing Requirements: Acknowledgement from a duly appointed notary is needed to support the commitment of the agreement.
Motor Vehicle Power of Attorney (Form MVD-11020) – Entrusts a delegated individual with rights to conduct transactions associated with a principal’s owned automobile.
Download: PDF
Signing Requirements: Acknowledgement from an appointed notary must be acquired at the moment of endorsement.
Real Estate Power of Attorney – Collects information and signatory approval to issue controls from a property owner to another party, allowing them to handle business tasks related to the identified real estate.
Download: PDF, Word (.docx)
Signing Requirements: Acknowledgment from a licensed notary is mandated by the state of New Mexico.
Revocation of Power of Attorney – Seeks to reverse previously granted powers of attorney by terminating the agreement in writing.
Download: PDF, Word (.docx)
Signing Requirements: According to state regulation, acknowledgment calls for a notary to be on-site at the time of signing to certify the dedication.
Tax Power of Attorney (Form ACD-31102) – Contributes documented representation rights from a taxpayer or business entity to a tax expert.
Download: PDF
Signing Requirements: Acknowledgement from all listed taxpayers is a requirement for completion.
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