New Mexico Financial Power of Attorney Form
FindLaw has partnered with experienced attorneys to create financial power of attorney forms you can complete quickly and easily from the comfort of home. Just follow along with our easy step-by-step process to create a financial power of attorney that is customized to New Mexico’s laws and your unique situation.
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Do I Really Need a Financial Power of Attorney in New Mexico?
You might go your whole life without needing a financial power of attorney, but it is impossible to predict the unexpected. A power of attorney allows you to name someone you trust to care for your money and your property if you become incapacitated.
If you do not have a financial power of attorney and you become incapacitated, a New Mexico court will likely step in to appoint a guardian and a conservator for you. This court process can take a long time and cause additional stress for your family. It also can be expensive, and a court may choose someone to care for you who does not understand your wishes.
Stay in charge by taking action today. FindLaw provides an easy-to-use service where you can create your own financial power of attorney quickly and securely.
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New Mexico Financial Power of Attorney Options
Financial Power of Attorney
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How It Works
The process takes less than an hour, and you can complete it from the comfort of your home.
Answer Some Questions
Decide who your agent will be and what authority you want them to have. Then, simply answer a few questions.
Create an Account
Creating an account is easy, quick, and secure. Save your information as you go and return when you have time.
Complete Your Document
Once you answer the relevant questions, we do the hard part and create your unique document.
Print, Sign & Make It Legal
Print and sign your document following the instructions. This may include signing in front of witnesses or a notary.
How To Get a New Mexico Power of Attorney
Understand how a POA works in New Mexico
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 financial 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).
Select someone you trust to be your agent
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.
Decide how much power to give your agent
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.
Sign your form
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.
Make sure the right people have your power of attorney
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.
You May Want to Speak With a Lawyer if:
- You don’t know who to choose as your agent
- You want to use a POA for Medicaid planning
- You want to discuss which powers you should give your agent
- You want legal review of your completed power of attorney
Ready to get started on your financial power of attorney? It’s free to start.
Create My FormNew Mexico Financial Power of Attorney FAQ
The cost of a power of attorney in New Mexico can vary. Many attorneys charge a flat fee for each document, but others charge an hourly rate. It can be less costly to use a form from a reputable source, such as the power of attorney forms we offer for $35. You can always ask a lawyer to review your completed forms for a lesser fee.
FindLaw is not a law firm, and the forms are not a substitute for the advice or services of an attorney. If you have a complex case, or would like a lawyer’s review of your estate planning documents, please visit our directory to find a lawyer near you.
New Mexico offers a free statutory form power of attorney. If you use the statutory form, make sure you understand what powers you are delegating to your agent before you select any of the powers on the form.
In general, it is a good idea to steer clear of other free forms. Many free forms online are not tailored to New Mexico law and may not be valid.
New Mexico does not require you to use an attorney to create a financial power of attorney. If you are comfortable following directions and using a form, you can use a reliable New Mexico power of attorney form.
If you are unsure who your agent should be or what powers to give them, you should ask an estate planning attorney licensed in New Mexico for legal advice. You also can ask an attorney to review your form before you sign it to ensure you did not miss anything.
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