Many people do not have a plan in place should they become incapacitated. However, preparing a power of attorney is important to ensure trusted individuals make hard decisions regarding health care, treatment, and life support. This is especially important for older individuals and anyone who might have a terminal illness.
A POA is a legal document that allows you to appoint a person, known as the “attorney-in-fact” or “agent,” to make decisions on your behalf if you become incapacitated. The extent of the agent’s power depends on the type of POA you use and the document’s language. At Roybal-Mack & Cordova, PC, we can help you determine which document best suits your needs.
Types of Power of Attorney
In New Mexico, you can establish four types of power of attorney documents with an estate law attorney: General, Limited, Durable, and Springing. Our Albuquerque estate planning attorneys are experts in the legal power of attorney documents and can help you understand the purpose of each one.
A general power of attorney gives your agent all your powers, including the right to pay bills, sign documents on your behalf, and conduct financial transactions for you. A general POA ends upon your incapacitation or death.
A limited power of attorney grants someone specific power for a limited time. If you need someone to sign a deed to your new home while you’re out of town, this document can be used for that purpose. The agent’s power ends as soon as the specified transaction is complete.
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 can represent you if you cannot represent yourself.
A springing power of attorney grants the agent all the powers you have. However, it only goes into effect when you become incapacitated. It is important that you clearly define the standard for determining incapacity that may trigger the POA.
When it comes to legal documents, clarity of language is necessary. At Roybal-Mack & Cordova, PC, we understand this better than anyone. Our legal experts have years of experience crafting airtight contracts free from ambiguity. We also possess in-depth knowledge of the laws surrounding powers of attorney. With our expert guidance, you can be confident that your legal documents will be comprehensive, precise, and legally sound. Don’t hesitate to get in touch with us today to take the first step in securing your future.
