A New Mexico general power of attorney (GPOA) allows a person to legally issue some authority over their financial matters to a trusted friend/relative or professional. Depending on the principal’s stipulations, the agent may be able to make decisions regarding their bills, taxes, and insurance policies.
A GPOA is non-durable, meaning it expires when the principal is mentally incompetent. If you prefer, you can write a durable power of attorney to ensure the agent’s powers remain intact even if you become incapacitated. You can also write a non-durable form and terminate the powers by writing a revocation.
Authority (NM Stat. § 45-5B-201) – The agent can only exercise the authority the principal has conferred to them. They can’t exercise any authority that another instrument or agreement bans.
Signing Requirements (NM Stat. § 45-5B-105) – The principal’s signature alone isn’t sufficient. A notary public must oversee the signing to confirm the document’s legitimacy.
Presumption of Durability (NM Stat. § 45-5B-104) – All powers of attorney are durable in New Mexico unless the principal includes a statement declaring otherwise.