People often get confused by the terms used in an estate plan. Here are the main players and which document each one belongs to.
Trustee: in charge of your living trust
When you first set up your trust, you will probably be your own trustee, or you and your spouse will be if it is a joint trust for a married couple. After you pass away or become incapacitated, your successor trustees step in and take the wheel. Anything that has to do with your trust is handled by the trustee.
Executor: in charge of your will
The person in charge of your will is the person who goes to court if necessary. That person is called your executor. People often confuse trustee and executor, but they are different jobs under different documents. The terms are different because if you say "executor," a judge thinks you mean the will, and if you say "trustee," everyone thinks you mean the trust.
The will is only necessary if we have to go to court. It tells the judge where you want your assets to go after you pass away. Most wills created together with a trust simply direct everything back to the trust.
Agent: in charge of your power of attorney
The person named in your Durable Power of Attorney is called your agent. You may also see the term "attorney-in-fact," but most lawyers say "agent." This person acts for you in nearly every circumstance that does not involve the court directly or your trust. That includes dealing with credit card companies, your HR department, the Department of Water and Power and your security company. The agent handles your affairs with legal authority under the Durable Power of Attorney.
Agent: in charge of your health care directive
The Advance Health Care Directive names someone who makes health care decisions for you. Believe it or not, this person is also called your agent.
One person or several
You can name the same person to serve in all four capacities. You do not have to choose different people for different roles unless you want to. It is not unusual to have two or three people you trust and name them in all of the documents. If someone is stronger on finances, you might name that person for the financial roles. If someone is stronger on health care decisions, you might put that person first for the directive.
To sum up: trustee for the trust, executor for the will, agent (or attorney-in-fact) for the power of attorney, and agent for the health care directive.