Po of Attorneywer of Attorney

New Mexico recognizes four types of power of attorney: General, Limited, Durable and Springing. Our Albuquerque estate planning attorneys will help you better understand the purpose of each:

• General: A general power of attorney gives your agent all the powers you yourself have. Those include the right to pay your bills, sign documents on your behalf and conduct financial transactions for you. A general POA ends upon your incapacitation or death.
• Limited: A limited power of attorney grants someone certain power for a limited time. You may choose to use this document, for instance, if you are going out of town but need someone to sign the deed to your new home. The agent’s power ends the moment the specified transaction is complete.
• Durable: A durable power of attorney can be general or limited in scope. However, unlike both, it remains in effect should you become incapacitated. Without a durable power of attorney, no one could represent you should you become unable to represent yourself.
• Springing: A spring power of attorney grants the agent all the powers you yourself have. However, it only goes into effect when you become incapacitated. It is essential that you clearly define the standard for determining incapacity that may trigger the POA.