Episode 114 – The 3 Estate Planning Documents Every Adult Needs

If you’re like most people, estate planning isn’t high on your list of exciting weekend activities. But as Rob and Jimmy make clear in Episode 114 of The Last Paycheck Podcast, having the right documents in place can make a huge difference for your loved ones—and your legacy.

Why Estate Planning Matters for Everyone (Not Just the Wealthy)

There’s a common myth that estate planning is only necessary if you have millions in assets. The truth? If you have a family, a bank account, or even just a strong opinion about your healthcare, you need an estate plan. Without it, your state government could end up making decisions you wouldn’t agree with—and your family could be left in a difficult position during an already stressful time.

The Three Critical Documents You Need

1. Last Will & Testament

This document directs who receives your possessions and appoints an executor to carry out your wishes. Rob emphasizes that a will is your final voice—it’s your opportunity to make sure your values are honored and your assets go where you want them to.

Jimmy points out a common misconception: that a will overrides beneficiary designations. It doesn’t. If your retirement account still lists your ex-spouse as the beneficiary, no will in the world can undo that mistake. That’s why it’s critical to regularly update both your will and your account designations.

2. Healthcare Directive (Living Will)

This document outlines your preferences for medical treatment if you’re incapacitated. Do you want to be kept alive on machines indefinitely? Or not? A healthcare directive allows you to clearly communicate your wishes—and it also appoints someone (your healthcare agent) to make those decisions if you can’t.

As Rob and Jimmy stress, this isn’t just a legal form—it’s a gift to your family. It removes the burden of guesswork and guilt from your loved ones in the middle of a crisis.

3. Durable Power of Attorney

If you become unable to manage your finances—due to illness, accident, or cognitive decline—this document gives someone you trust the legal authority to step in and manage your bills, taxes, and accounts.

Without a power of attorney, your family could be forced to go to court just to pay your mortgage or access your bank account. It’s simple to put this in place, and potentially devastating if you don’t.

How to Get These Documents

Rob and Jimmy encourage listeners not to overcomplicate the process. For simple needs, online tools and state-specific forms can work. For more complex situations—multiple properties, blended families, or business interests—working with an estate planning attorney is best.

And don’t forget: estate planning isn’t one and done. Update your documents as your life changes—marriages, children, divorces, or major asset changes should all trigger a review.

Your Next Step

Estate planning isn’t about fear—it’s about control and care. It’s about protecting your family, your values, and the wealth you’ve worked hard to build.

Ready to get started?

Download the Estate Planning Essentials Checklist. Use this simple tool to take inventory of your current documents, identify gaps, and move forward with confidence. Schedule a free consultation to review your plan with a trusted fiduciary advisor.
Download The Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 113 – Politics and Your Portfolio: How to Invest Without Losing Your Head

It’s no secret: political seasons can trigger intense emotions. But should those emotions guide your investment decisions?

In Episode 113 of the Last Paycheck podcast, Rob and Archie Hoxton explore how politics—left, right, or center—can quietly sabotage even the most thoughtful investors. From fear-induced selloffs to overconfidence when a preferred party is in power, political cycles tend to amplify emotional investing.

And that’s a problem.

Why Political Emotions Don’t Belong in Your Portfolio

Many investors believe that the markets will perform better—or worse—based solely on which party holds power. But the truth is more complex. Historically, markets have performed well under both Republican and Democratic leadership. Why? Because markets respond to long-term economic and business trends—not daily political drama.

As Archie puts it: “The market doesn’t care who’s president—it cares about earnings, interest rates, and business conditions.”

That means your personal reaction to politics could cause you to time the market poorly. And that rarely ends well.

The Cost of Emotional Investing

In the episode, Rob shares a client story about someone so politically stressed they stopped checking their account. When they finally came in for a review—expecting losses—they were shocked to learn their portfolio had actually grown significantly.

This isn’t uncommon. Political turmoil may cause short-term volatility, but long-term market gains often resume once emotions cool. Unfortunately, investors who panic miss the rebound—and lock in losses.

What to Do Instead

A better approach? Create a disciplined plan that can weather political storms:

  • Diversify broadly: U.S. and international markets, various sectors, risk-balanced portfolios.
  • Rebalance regularly: Keep your strategy aligned even as markets shift.
  • Keep investing: Especially if you’re still working. Long-term growth requires long-term participation.
  • Stress test your plan: Make sure you’re still on track even if markets dip.

Most importantly: avoid investing based on the news cycle. Markets care more about stability and policy than politics. And they hate emotional investors.

The Real Secret: A Financial Plan

Markets will always swing. Political drama will always exist. But a thoughtful, stress-tested financial plan can give you the clarity to ignore the noise—and keep moving forward.

As Rob says, “Having a plan means you don’t have to wonder whether you’re okay when the market drops. You’ll already know.”

Worried politics might derail your financial strategy?

Download our free Emotion-Proofing Your Investment Strategy worksheet to audit your current habits—and start planning with confidence. Or schedule a call with our team at Hoxton Planning & Management.
Download The Worksheet
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.