New Mexico General Durable Power of Attorney Appointing Agent to Act For Principal Regarding All Property Matters
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How to fill out General Durable Power Of Attorney Appointing Agent To Act For Principal Regarding All Property Matters?
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FAQ
A New Mexico durable statutory power of attorney form lets a person (?principal?) choose someone else (?agent?) to handle their financial decisions and affairs during their life. The agent selected is commonly a spouse or family member that is also included as a beneficiary in the principal's last will and testament.
Uniform Probate Code § 45-5B-301. Statutory form power of attorney. This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal).
A Power of attorney is a written instrument whereby one person, as the principal, appoints another to act as his or her agent , giving them the authority to perform certain acts on their behalf.
A ?durable? POA is simply a power of attorney that survives the incapacity of the Principal. While a Durable General Power of Attorney grants your Agent a considerable amount of legal authority to act on your behalf, it does not grant your Agent the authority to make medical or health care decisions on your behalf.
A general power of attorney, also called a durable power of attorney, allows you to assign an agent to manage these affairs on your behalf. It essentially allows the agent's signature and activities to be just as legally binding as if you signed the documents yourself.
The person named in a power of attorney to act on your behalf is commonly referred to as your "agent" or "attorney-in-fact." With a valid power of attorney, your agent can take any action permitted in the document.
The specific requirements vary by state; however, in New Mexico, your Power of Attorney must be notarized. If your agent will engage in real estate transactions, the Power of Attorney will need to be notarized and recorded or filed with your county.
Unless you specify otherwise, generally the agent's authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you. Your agent is entitled to reasonable compensation unless you state otherwise in the Special Instructions.