Trustee, Executor, and Financial Agent Questions

A trustee manages assets you put in your living trust. When you complete your living trust, you are the initial trustee and only cease serving as trustee if you resign, become incapacitated or pass away. Because you are the initial trustee, nothing changes in the way you manage your assets even when you put those assets in your living trust.

A financial agent is the person you name in your durable general power of attorney to manage assets outside of the trust such as retirement accounts and life insurance. The financial agent also has authority to sign tax returns, sign contracts on your behalf, manage pensions and social security benefits, etc… 

You should select someone that you trust will act in your best interest because the trustee and financial agent will be managing your financial affairs.

An Executor is the individual named in the Will to distribute assets to your beneficiaries (i.e., the people you name to inherit your assets). 

We do not recommend putting contact information for your trustees or executors on the form because addresses and phone numbers can easily change. However, we do recommend that you make a separate contact list that can easily be updated and kept with your estate plan.