A power of attorney is a flexible legal document that allows you to give someone else limited or broad authority to act on your behalf. When you create a power of attorney, you will be called the principal, and the person who acts for you will be called your agent or attorney-in-fact.

In New Mexico, your power of attorney will be a durable power of attorney, meaning it remains effective when you are incapacitated, unless you include a statement that it is terminated by your incapacity. It will be effective immediately unless you create a springing power of attorney, which becomes effective on a future date or event, such as incapacity.

A power of attorney only covers financial affairs. If you want a friend or family member to make health care decisions for you, you should have an advance directive (sometimes called a power of attorney for health care).

The most important quality of an agent is trustworthiness. If you do not trust someone to access your bank accounts and follow your instructions, you should not choose them as your agent. Your agent should be responsible and comfortable dealing with financial institutions. To ensure your agent knows what you want and is willing to be your agent, speak with them before naming them as your agent.

If you want your power of attorney to remain effective when you are incapacitated, you should name at least one successor agent. A successor agent will serve as your agent if your original agent is unavailable or unable to serve.

You can create a general power of attorney, which gives an agent broad powers, or a limited power of attorney, which gives your agent specific powers for limited tasks.

If you want someone to act for you when you are incapacitated, your agent should have broad powers. This will allow them the flexibility to act when unexpected circumstances arise.

You should sign and date your form. If you physically cannot sign it, you can direct an adult in your presence to sign your name for you. Finally, you should have your power of attorney notarized by a notary public.

Give your power of attorney to your agent so they can prove they have the authority to act on your behalf. You also can give copies to trusted loved ones and to businesses who will interact with your agent. Finally, if your power of attorney gives your agent the power to conduct a real estate transaction, it must be filed with the county clerk where the real estate is located.