The documentary You Can See Everything follows Theranos founder Elizabeth Holmes and shows how her partner, Billy Evans, handled some matters while she was in prison. Evans says he held power of attorney for Holmes; the film shows him posting from her X account, creating an AI likeness of her and working with her on plans for a new business. The scenes raise a practical question for anyone arranging financial or medical affairs: what can an agent do under a power of attorney, and what remains outside that authority?
Debra Taylor, managing partner and wealth adviser at Carson Wealth, says people often assume these documents grant broader powers than they actually do. An agent's authority depends on the document's wording and the law of the state that applies. Being named as an agent does not, by itself, allow someone to speak for the principal on every matter or manage all aspects of their personal life.
Financial and medical powers are not the same
A power of attorney (POA) is a legal document authorizing someone to make specified decisions or handle certain matters for another person. Common arrangements cover either health care or finances. A financial POA with broad language may allow an agent to manage business interests, but sensitive actions such as making gifts, changing beneficiaries or establishing a trust generally require explicit authority in the document. Some states also require specific wording for certain gifts or banking transactions.
An agent may sign documents and carry out transactions within the authority granted. That does not mean the agent's personal views can be treated as the principal's own. Taylor says agents in most states cannot access a principal's email or private messages unless the document specifically grants that authority. The document and applicable state law determine both which matters the agent can handle and what information they may access.
Incarceration does not automatically activate a POA
In the documentary, Evans says Holmes signed a POA that allowed him to handle business decisions for her. But there is no single rule on whether incarceration triggers a POA. These documents are governed by state law, and states differ on when they take effect and what powers they may grant.
An immediately effective durable POA generally takes effect when it is signed and remains in force unless the principal revokes it or dies. A limited POA covers only specified matters and may include an end date. A springing POA takes effect only after a stated condition occurs; a common trigger is the principal's incapacity. Taylor says many states allow the principal to name incarceration as a trigger and designate someone to confirm in writing that the condition has been met.
With a springing arrangement, the agent may need to provide evidence that the trigger has occurred, and a bank may take time to review the paperwork. Taylor says an immediately effective durable POA can make it easier for an agent to act promptly in some circumstances. The appropriate structure depends on the individual's situation and the relevant state law.
Agents have fiduciary duties
An agent has a fiduciary duty to act in the principal's interests, avoid conflicts and keep records of transactions. If the principal still has capacity and believes the agent is acting against those interests, they can revoke the POA in writing and notify financial institutions and others holding a copy. The principal may also sue for breach of fiduciary duty. Serious misuse of authority may, depending on the law, amount to theft or financial exploitation.
What third parties can do when they suspect abuse depends on their role and the principal's circumstances. Family members, heirs, caregivers or government agencies may ask a court to review an agent's conduct. Suspected abuse involving an older or otherwise vulnerable adult may also be reported to adult protective services. A bank may refuse to accept a POA and report its concerns if it suspects misuse. Brokerages may temporarily restrict suspicious withdrawals or transactions involving an older client or someone with impaired decision-making capacity. When the principal retains capacity, courts generally defer to that person's own choices.
Name a backup, not just a spouse or partner
A spouse may be a suitable first choice because they often understand the principal's finances and wishes. But spouses may be elderly or need assistance at the same time, leaving neither able to act. Taylor recommends naming a backup agent.
Changes in marital status can also affect an appointment. Many states automatically end a spouse's authority after a divorce petition is filed or a divorce is finalized, but rules vary. Taylor recommends reviewing and updating the documents when a couple separates. Holmes and Evans were not legally married, so a breakup would not automatically end their POA relationship in the way divorce does in some states. Holmes would need to revoke the authority herself.
In blended families, one option is to appoint adult children as co-agents or require a spouse to report regularly to another person, which may help reduce later disputes. Taylor recommends reviewing POA documents every few years and after a move, since documents can become outdated or may not work as intended under a different state's laws. Naming a successor agent in advance and requiring regular reports to a second person are among the ways to build in oversight.
The documentary uses concerns about the relationship as part of its narrative, but a POA remains a tool for arranging financial or medical matters. The key details are the scope of authority, the conditions for taking effect, how the document can be revoked and what oversight is in place. Scenes in the film cannot substitute for reviewing the actual POA and the law that governs it.