Agency is a relationship based on an agreement authorizing one person, the agent, to act for another, the principal. For example an agent may negotiate and make contracts with third persons on behalf of the principal. Actions of an agent can obligate the principal to third persons. Actions of an agent may also give a principal rights against third persons.
An agency can be created for the purpose of doing almost any act the principal could do. However, there are some acts that must be done in person and cannot be done by an agent. Examples would be: testifying in court for another individual, making a will, and voting.
A general agent is authorized by the principal to transact all the affairs of a particular kind of business. For example, a person appointed as manager of a store is a general agent.
A special agent is authorized by the principal to handle a particular business transaction or perform a specific act. For example, a specific power of attorney appointing an agent (attorney-in-fact) to sell a particular piece of real estate or a certain car would be the appointment of a special agent.
A universal agent is authorized by the principal to do any act that can be delegated to a representative. An example would be giving a person a general power of attorney. This form is such a general power of attorney.
A New Mexico General Power of Attorney is a legal document that grants authority to an individual, referred to as the "Agent" or "Attorney-in-Fact," to act on behalf of another person, known as the "Principal," in various financial and legal matters. This power of attorney grants extensive powers to the Agent, enabling them to make decisions and take actions as authorized by the Principal. In New Mexico, there are two primary types of General Power of Attorney: 1. Durable Power of Attorney: A durable power of attorney remains in effect even if the Principal becomes incapacitated or mentally incompetent. This type of power of attorney ensures that the Agent can continue to act on the Principal's behalf, making important decisions regarding finances, property, and other legal matters, even in the event of the Principal's incapacity. 2. Non-Durable Power of Attorney: A non-durable power of attorney, on the other hand, ceases to be effective if the Principal becomes incapacitated or mentally incompetent. This type of power of attorney usually grants the Agent authority for a specific duration or until a specific transaction is completed. Both types of General Power of Attorney can be customized according to the Principal's specific preferences and requirements. The powers granted to the Agent can include managing bank accounts, handling real estate transactions, paying bills, engaging in business activities, filing taxes, managing investments, and making healthcare decisions if authorized. It is important for the Principal to carefully consider their choice of Agent when creating a General Power of Attorney in New Mexico. The Agent should be someone trustworthy, reliable, and capable of handling the responsibility and authority granted to them. The Principal may also specify any limitations or conditions they want to place on the Agent's powers to ensure their best interests are protected. To create a legally valid General Power of Attorney in New Mexico, specific formalities must be followed. The document must be signed by the Principal, dated, and notarized. It is highly recommended consulting with an attorney to ensure compliance with all legal requirements and to have a thorough understanding of the rights and responsibilities associated with executing a General Power of Attorney in New Mexico.A New Mexico General Power of Attorney is a legal document that grants authority to an individual, referred to as the "Agent" or "Attorney-in-Fact," to act on behalf of another person, known as the "Principal," in various financial and legal matters. This power of attorney grants extensive powers to the Agent, enabling them to make decisions and take actions as authorized by the Principal. In New Mexico, there are two primary types of General Power of Attorney: 1. Durable Power of Attorney: A durable power of attorney remains in effect even if the Principal becomes incapacitated or mentally incompetent. This type of power of attorney ensures that the Agent can continue to act on the Principal's behalf, making important decisions regarding finances, property, and other legal matters, even in the event of the Principal's incapacity. 2. Non-Durable Power of Attorney: A non-durable power of attorney, on the other hand, ceases to be effective if the Principal becomes incapacitated or mentally incompetent. This type of power of attorney usually grants the Agent authority for a specific duration or until a specific transaction is completed. Both types of General Power of Attorney can be customized according to the Principal's specific preferences and requirements. The powers granted to the Agent can include managing bank accounts, handling real estate transactions, paying bills, engaging in business activities, filing taxes, managing investments, and making healthcare decisions if authorized. It is important for the Principal to carefully consider their choice of Agent when creating a General Power of Attorney in New Mexico. The Agent should be someone trustworthy, reliable, and capable of handling the responsibility and authority granted to them. The Principal may also specify any limitations or conditions they want to place on the Agent's powers to ensure their best interests are protected. To create a legally valid General Power of Attorney in New Mexico, specific formalities must be followed. The document must be signed by the Principal, dated, and notarized. It is highly recommended consulting with an attorney to ensure compliance with all legal requirements and to have a thorough understanding of the rights and responsibilities associated with executing a General Power of Attorney in New Mexico.
