Updated August 09, 2023
A New Mexico general (financial) power of attorney form is a document that allows a person to designate another person to manage their assets and property. The difference is that this form actually terminates in the event that the principal (the person conveying the powers) is adjudged incapacitated and unable to make their own decisions. The thinking behind this is that if the person can’t revoke the document (you cannot revoke a POA unless you are of sound mind) then, in order to protect the principal, it should revoke itself. If you are looking to have a person in place to take care of your finances when you are incapacitated, you should look at the durable form instead of this form.
Laws
- Statutes – Uniform Power of Attorney Act (§§ 45-5B-101 — 45-5B-403)
- Authority (N. M. S. A. 1978, § 45-5B-201) – An agent under a power of attorney may act on behalf of the principal and exercise broad authority as granted by the agreement.
- Signing Requirements (N. M. S. A. 1978, § 45-5B-105) – Notary Public.
How to Write
Download: PDF, MS Word, OpenDocument
1 – Report The Information Requested In The Declaration Paragraph
The first statement will act as a declaration of the Principal’s intent when executing this document. It will require the Legal Name of the Principal entered on the first blank space.
Present the Principal’s Legal Street Address on the second blank space then, the State where he or she maintains this address on the third blank line.
The remainder of this paragraph shall focus upon the Agent or Attorney-in-Fact. Three blank spaces after the words “I appoint…” have been provided for this purpose. Use the first blank space to enter the Attorney-in-Fact’s Full Name, the second blank space to record his or her Street Address, and the third blank line for his or her State of residence.
2 – Obtain The Principal’s Initials For Each Statement That Describes The Agent’s Principal Powers
The full scope of the Agent’s Principal Powers will need to be adequately defined before this document is signed by the Principal. As a method of further verification, the Principal will need to read the list in Article I (“Powers”) then, initial each statement describing what he or she authorized the Agent to do using Principal Power. Note: Any statement not authorized with Principal Initials will define decisions and actions the Agent may not engage in with Principal Authority.
The Principal will need to initial Statement 1 if he or she authorizes the Agent to use Principal “Power To Make Payments Or Collect Monies Owed” on his or her behalf.
If the Principal wants to grant the Agent with the “Power To Acquire, Lease And Sell Personal Property” in his or her Name, the Principal will need to initial the blank line next to Statement 2.
Statement 3 defines how the Agent may use Principal “Power To Acquire, Lease And Sell Real Property with Principal Authority. The Principal will need to initial this statement to grant the Agent with the abilities defined here.
The Agent may assume “Management Powers” with the Principal’s Property and Assets after the Principal initials Statement 4.
If the Principal intends to give the Agent Principal “Banking Powers” then he or she should initial Statement 5.
To authorize the Agent with Principal “Motor Vehicle” Powers the Principal will need to initial Statement 6.
If the Agent is supposed to be granted Principal “Tax Powers,” the Principal must initial Statement 7.
Statement 8 will grant access and Principal Power with the Principal’s “Safe-Deposit Boxes” once the Principal initials the blank line corresponding to it.
The Principal may give the Agent the same “Gift Making Powers” he or she possesses by initialing Statement 9.
Statement 10 will enable the Principal to give the Agent Principal “Lending And Borrowing” Powers when he or she initials the blank line provided.
If the Principal wishes to delegate the Principal Power to affect his or her “Contracts” to the Agent, he or she should initial Statement 11.
Statement 12 will discuss “Health Care.” If the Principal wishes to give the Agent the Principal Authority to make the decisions and take the actions defined in it on behalf of the Principal, he or she should initial the blank space corresponding to it.
The Agent may assume the Powers defined by the Health Insurance Portability And Accountability Act of 1996 if the Principal initials Statement 13.
If the Agent should have the Principal “Power To Hire And Pay For Services,” the Principal will need to initial Statement 14.
The Principal Powers required for Reimbursement may be granted to the Agent when the Principal initials Statement 15.
The Agent may be granted the Principal “Power To Sue Third Parties Who Fail To Act Pursuant To Power of Attorney” on behalf of the Principal after the Principal initials Statement 16.
The Principal may also choose to deliver additional Powers or Instructions. This should be done with Statement 17. Any such Principal Preferences should be recorded on the blank lines provided. The Principal will also need to initial the space preceding the Number 17 to apply the statements entered here.
3 – Record The Effective Date And Termination Of These Powers
When the Principal wishes the Powers in this Paperwork to take effect and when he or she wishes the Powers to Terminate should be solidified before this document is signed and executed. Article III will achieve this task and will require Principal verification.
Locate the first two statements. If Principal Powers should take effect with the Principal Signing the first statement should be initialed and the second left blank. If the Principal powers here should only take Effect on a certain Date, the Principal should initial the second statement and fill in the Date. The Principal is only allowed to initial one of these statements.
Now, find the last three choices. If these Powers should Terminate upon a certain Date, the Principal should initial the blank space just before the words “On The Following Date…” then enter the Termination Date he or she desires. If these Powers should only Terminate upon the Principal’s written Revocation, then he or she should initial the second statement in this area. The last choice will have the Powers remain Effective unless the Principal is diagnosed as unable to Make Decisions by a Physician and should be initialed only if this is the Principal’s wishes. Only one of these should be initialed.
4 – Several Parties Must Attend To This Paperwork’s Execution
The Date the Principal signs this paperwork must be entered by the Principal as he or she signs it. This should be done across the three blank spaces in the sentence beginning with “In Witness Whereof…”
The Principal must sign and print his or her Name using the two blank spaces below the Date of Signature statement.
The next segment of this document, “Acceptance Of Appointment” needs the Agent’s Full Legal Name recorded on the first blank line. The Agent must personally sign and print his or her Name on the blank spaces labeled “Attorney-in-Fact’s Signature” and “Attorney-in-Fact’s Printed Name.”
The remainder of this document is strictly for the Notary Public’s information and seal. Only he or she can provide such items when notarizing this document.