Law and Financial Order: I Have The Power

August 4, 2026

This episode of Law and Financial Order focuses on one of the most important, but often overlooked, estate planning documents: the Power of Attorney (POA). Financial Advisor Robyn Wolcott, CFP® and Attorney Erin Duques explain how a properly drafted POA can protect you during your lifetime by allowing someone you trust to make financial decisions on your behalf if you become unable to do so.

This episode overs the difference between a financial power of attorney and a healthcare directive, emphasizing that while these roles are often filled by the same person, they don't have to be. Robyn and Erin encourage listeners to carefully consider who is best suited for each responsibility based on their strengths, judgement, and ability to carry out the individual's wishes.

Robyn and Erin also explain the importance of understanding the "hot powers" included in many POA documents. These special authorities -- such as the ability to change beneficiaries, make gifts, or manage digital assets -- must be intentionally granted and should only be given after careful consideration.

They highlight practical considerations, including why Powers of Attorney should be reviewed or updated every five years. Outdated documents can create delays with financial institutions during critical moments, adding unnecessary stress for families already dealing with illness or emergencies. Robyn shares a real life example demonstrating how keeping current can prevent complications.

Finally, the conversations addresses common mistakes when naming multiple agents, explaining the differences between appointing agents to act jointly vs. severally, and why choosing trustworthy individuals who can work together is essential. The episode concludes with practical guidance:

Have a Power of Attorney in place
Name both a primary and a backup agent
Review and update your documents periodically
Fully understand the powers you're granting before signing

If you're curious to hear more, you can listen here. Law and Financial Order - Podcast - Apple PodcastsIf you're curious to hear more, you can listen here. Law and Financial Order - Podcast - Apple Podcasts

**Erin Duques is not affiliated with or endorsed by LPL Financial and Warner Wealth.

**Robyn Wolcott, James Warner, Warner Wealth and LPL Financial do not provide legal advice or services. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.