In any case, there are several New Mexico power of attorney forms to choose from to help decision-makers, some of the most common being:
General Power of Attorney
With a general power of attorney form, creators can choose a trusted individual to handle their financial and business affairs. However, this form is only valid if the creator is alive and in good health, losing its power if the creator is to die or become disabled or ill.
Durable Power of Attorney
With a durable power of attorney, the chosen attorney-in-fact can take charge over financial affairs; however, it does not lose its validity. Even if the creator is to become disabled or lose their capability to make decisions, the attorney-in-fact can continue to make decisions on their behalf.
Medical Power of Attorney
Any time someone works in a high job or falls terminally ill, or is declining in health due to dementia or Alzheimer’s, the medical power of attorney is needed. This document gives the appointed attorney-in-fact the right to make medical decisions, both minor and critical.
Minor Child Power of Attorney
As pointed out in New Mexico Statutes Chapter 45 – Uniform Probate Code Article 5, parents required to take a leave for an extended period can use a Minor Child power of attorney form. This form appoints a trusted and chosen individual to care for the child concerning the child’s medical and financial care, while the legal parent is absent.
Tax Power of Attorney
The New Mexico tax power of attorney (Form ACD-31102) allows the creator to appoint someone to handle the preparation of tax documents. In this case, it could be the preparation of taxes or a trusted accountant that can file all paperwork on behalf of the creator. However, principals will remain solely liable for any misfiling and are responsible for any fees requested from New Mexico Internal Revenue.