What is a durable power of attorney?

A durable power of attorney is a legal document in which one person (the principal) appoints another individual (the agent or attorney-in-fact) to act as their representative or agent in certain legal matters. This document is especially important in the state of New Mexico when it comes to wills and probate law. With a durable power of attorney, the principal grants the agent the authority to make financial and other decisions on the principal’s behalf if they become incapacitated or are otherwise unable to make decisions themselves. The principal needs to be of sound mind when creating a durable power of attorney, and should make sure to list all desired powers for the agent and provide guidance on how decisions should be made. It is also important to create a contingency plan for if the agent is unable to fulfil their duties due to death or incapacity. The durable power of attorney is often an important part of a comprehensive estate plan. In New Mexico, a durable power of attorney can be revoked at any time if the principal decides they no longer want the agent to act on their behalf. They must then create a new power of attorney or appoint a new agent. It is important to remember that the durable power of attorney only takes effect when the principal is unable to make decisions for themselves, so it is wise to keep the document on file in case it is needed.

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What is a durable power of attorney?

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