A New Mexico Power of Attorney is a legal document that grants someone else the authority to make financial, business, or medical decisions on behalf of another person. The person who grants this authority is called the “principal,” while the person who is chosen to make decisions is called the “agent.”
Laws
Statute: Chapter 45, Article 5B – Uniform Power of Attorney.
By Type
Durable (Financial)
Authorize another person or entity to manage your affairs even if you become incapacitated.
Signing Requirements: Notary public (§ 231.105).
Medical
Put in place a medical care plan to be followed should you lose capacity to make decisions.
Signing Requirements: Two witnesses are recommended but not required. (§ 24-7A-4(Part 3)).
Limited (Special)
Use for specific, limited transactions and so the representation ends upon completion of the transaction.
Signing Requirements: Notary public (§ 231.105).
Non-Durable (General)
Appoint a trusted third party (agent) to manage your financial decisions and transactions.
Signing Requirements: Notary public.
Springing
“Springs” into effect in a certain situation, and ends at a time you specify.
Signing Requirements: Notary public.
Vehicle (Form MVD-11020)
Appoint another to take care of your vehicle titling and registration issues.
Signing Requirements: Notary public.
Real Estate
Grants an agent the authority to deal with the principal's property concerns.
Signing Requirements: Notary public.
Tax (Form ACD-31102)
Leverage a New Mexico Taxation and Revenue Department Power of Attorney to assign a state tax advocate.
Minor (Child)
Grants limited time care authority for a child's health and education.
Signing Requirements: Notary public.
Revocation
Use to nullify an existing power of attorney.
Signing Requirements: Notary public (§ 45-5B-105).
