There are a few important things you need to know before signing a New Mexico POA. Firstly, you must make sure all the parties involved are legally fit to sign contracts.
To be considered competent to sign a contract, parties must:
If you choose a financial institution as an Agent, they must have trust powers and a registered office in New Mexico.
Also, there are set rules in place in New Mexico which police how a completed Power of Attorney must be signed and put into action. New Mexico law dictates in this case that:
The Principal and Agent must both sign the document.
The signing must be overseen by a notary public, who will also sign.
If the Agent(s) will manage real estate for the principal, the form must be registered with the local clerk of the county where the property is situated within 30 days of signing.
New Mexico Legislature allows you to use your Power of Attorney in other states that have adopted the Universal Power of Attorney (UPOAA). In 2007 New Mexico officially adopted this act. Make sure your document follows the state requirements to write the UPOA.