Limited Power of Attorney in New Mexico
There are some instances in which you might want or need someone to act on your behalf in particular matters. If you don’t want to give them a durable power of attorney that allows them to handle all of your personal financial business without your knowledge or consent, a limited POA gives you peace of mind while still being effective.
Keep in mind that a limited power of attorney does not grant the agent the ability to take any actions other than those specifically included in the document. It also does not grant the agent the ability to make medical decisions on your behalf. A medical power of attorney is necessary for the agent to have those powers.
In New Mexico, a limited power of attorney can be drafted by an attorney and signed with a notary in much the same way as a general power of attorney. While notarizing the New Mexico POA may not be a specific requirement for a limited power of attorney, it can be important if someone disputes the validity of the document and will make the power of attorney much more likely to be honored by financial institutions and government offices.
When You Might Need a Limited Power of Attorney in New Mexico
A limited power of attorney might be more appropriate than a general POA if you need an agent to complete a specific financial transaction and are hesitant to give full powers to one agent without limitations.
Some government or private entities may have their own forms available for a simple limited power of attorney, like this one from the Motor Vehicle Division of the New Mexico Taxation and Revenue Department that allows someone to handle business related to a specific motor vehicle.
If you are not married and want your significant other to be able to handle business with utilities and other entities relating to your household, they may be able to use a limited power of attorney that grants them those specific powers. Often utilities will have a limited POA form that you can fill out and have notarized, then returned.
Springing Power of Attorney in New Mexico
Another type of power of attorney in New Mexico is the springing POA. This is a power of attorney that does not go into effect unless particular circumstances are met, such as if you were to become incapacitated in some way. A springing power of attorney can be either general or limited in scope, but the nature of the springing POA lands it firmly in the limited power of attorney category.
The springing power of attorney can be set to go into effect upon mental or physical incapacitation, but it is not a medical power of attorney. In fact, a springing power of attorney can be set to go into effect when any particular event or circumstances as designated, not just for medical reasons.
Setting the springing power of attorney to take effect in a medical emergency does not allow the agent to make medical decisions. To address these concerns, you should consult one of our New Mexico attorneys about an advance health care directive.
Let Our New Mexico Attorneys Handle Your Limited Power of Attorney
Although you can get limited POA forms from specific entities, you should consult with an attorney if you want the agent to handle more than one type of business. It can be cumbersome to complete form after form as you deal with different companies and agencies. Instead, have one of our New Mexico attorneys draft a limited POA that gives your agent all of the powers you want or need them to have. You can then distribute the same POA to each entity as required.
Contact us today for a consultation or to get started on your limited or springing power of attorney.
