New Mexico Durable Power of Attorney (Financial)

Last Updated: 6/15/2015

Document Description

To protect yourself and your money, you need a financial power of attorney. This important legal document allows you to name an agent, which is a person who is allowed to act on your behalf. It is generally used for situations when you can no longer manage your finances effectively by yourself.

Your agent can be given various degrees of financial power over your affairs. You may choose to only allow limited powers to take care of your daily needs, such as paying your bills, depositing your checks or contracting for services on your behalf. You may also choose to give your agent much broader powers, which will enable him or her to take care of all aspects of your financial life. This could include selling your home for you, choosing your insurance coverage and even completing your income taxes.

A financial power of attorney is a legal and binding document. It is an important part of your estate planning, since there may come a time when you can no longer make your own decisions. You have the authority to decide when the agent is allowed to start acting on your behalf. You may allow the agent to start immediately, or only after a doctor has deemed you unable to effectively manage your affairs by yourself.

You must be of sound mind to complete, change or revoke this document. The New Mexico Financial Power of Attorney is particular to New Mexico’s laws. With its proper legal language and wide variety of options, you get the peace of mind knowing your financial affairs are planned correctly and according to your wishes.

If you are new to estate planning, please see our article “The Beginner’s Guide to Estate Planning.” It provides a great overview of the basics and lists all of the important legal documents you need to properly protect yourself, your loved ones and your assets.

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