Signing Requirements
The principal must sign in the presence of a Notary Public. Agent must also sign, but their signature does not require notarization. However, if the agent authorizes the optional Agent Certification, it must be acknowledged in front of a notary.[1][2]
Powers Granted
A principal may grant an agent the power, either generally or specifically, to make decisions about things like real property, stocks, bonds, commodities, options, bank accounts, businesses, insurance and annuities, estates, trusts, family matters, benefits from civil or military service, retirement plans, taxes, and gifts.[3]
However, the principal must specifically grant authority if the agent is to make decisions about any of the following matters:[4]
- create, amend, revoke or terminate an inter vivos trust;
- make a gift;
- create or change rights of survivorship;
- create or change a beneficiary designation;
- delegate authority granted under the power of attorney;
- waive the principal’s right to be a beneficiary of a joint and survivor annuity;
- exercise fiduciary powers that the principal has authority to delegate; or
- disclaim property, including a power of appointment.
“Durable” Definition
“Durable”, with respect to a power of attorney, means not terminated by the principal’s incapacity.[5]
“Power of Attorney” 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.[6]
Revocation
A power of attorney shall terminate when:[7]
- The principal dies;
- The principal revokes the power of attorney;
- The principal revokes the agent’s authority or the agent resigns, becomes incapacitated, or dies and the power of attorney does not provide for another agent to act under such power of attorney;
- The power of attorney provides that it terminates; or
- The purpose of the power of attorney is accomplished.
An agent’s authority shall terminate when:
- The agent resigns, becomes incapacitated, or dies;
- The principal revokes the agent’s authority;
- The principal and agent divorce or legally separate, unless the power of attorney otherwise provides; or
- The power of attorney terminates.
Statutory Form
Yes, the State of New Mexico has a statutory form.[8]