As you prepare to dive deep into your estate planning in Roswell, it is important to remember that during this process, you should not only consider what will happen after you are gone, but also what could potentially happen towards the end of your life. Many come to us here at the Sanders Law Firm wondering how to best prepare for the event that they lose the ability to care for themselves (either through incapacitation or other means). If you share the same concern, then you should consider granting a trusted family member or friend power of attorney.
Power of attorney privileges basically allow another to make important decisions on your behalf. Granting such authority might seem disabling, but not to worry; simply granting power of attorney does not give someone else complete power over your life. New Mexico state law imposes strict accountability standards on those who have been given this responsibility, requiring them (in general) to act in your best interests (and to the expectations that you hold for them), as well as in good faith and in no way exceeding the exact authority that you specify for them.
Furthermore, Section 45-5B-144(B) of New Mexico's Uniform Probate Code imposes further expectations in order to meet the aforementioned standards, namely:
- To act loyally for your benefit
- To avoid any conflicts of interests
- To act with the care, competence and diligence that would be expected of any reasonable person in the same circumstances
- To keep records of all receipts, transactions and disbursements
- To cooperate with anyone else granted other special appointments (such as medical power of attorney)
- To preserve your estate plan to the best of his or her ability
You can learn more about the fiduciaries duties related to estate planning by continuing to explore our site.