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What is a trustee?

A trustee is a person or a company that holds and manages assets for a third party. Often that includes someone managing a trust for a beneficiary.

Trustees are fiduciaries, meaning that they have a duty to manage the trust in a responsible manner and in the best interest of the beneficiaries within the framework established by the trust document.

Who can be a trustee?

You can name anyone you’d like to be a trustee. That person will not only have significant responsibility over the trust assets, s/he will also be in regular contact with the trust’s beneficiaries.

Some beneficiaries can be challenging for the trustee and put the trustee in a difficult position-especially if the trustee is related to the beneficiaries and sees them regularly. To help provide another layer of impartiality to the trust, a company could be named as a trustee.

What services can a trustee provide?

Trustees will manage the trust’s assets, make income and/or asset distributions as prescribed by the trust, maintain proper records, and file the trust’s income tax returns.

Who could benefit from using a trustee?

Anyone wanting a neutral third party to administer their assets. This can include someone looking to have assets managed for beneficiaries with special needs or for a beneficiary who might have the inability to manage their own finances. Someone could also desire for a unique arrangement such as providing income for a beneficiary’s life then passing the remaining trust assets to a charity upon the income beneficiary’s passing.

Also, if you’re concerned that you could suffer a cognitive impairment and have diminished financial capacity, you could place your assets in a trust and have a trustee manage them on your behalf.

The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual. Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.

Events & Sponsorships

FreeState Justice’s Jazz Brunch

Saturday, June 2nd from 11am-2pm

We’re sponsoring FreeState’s Jazz Brunch. Learn more about the event or buy tickets at Jazz Brunch Event Page.

Paws for a Cause

Thursday, September 6th from 5-8pm

Mark your calendar for our lucky 13th annual fundraiser. The event will be held at Monument City Brewery. More details will be available soon. You can follow Paws on Facebook at Paws’ Facebook Page for regular updates.

Away from the Office

Monday, June 11th through Friday, June 15th.

Woody will be out of the office. Please contact Debbie atdebbie@partnershipwm.com or at 410-732-2633 for anything urgent.

We are always accepting donations for the local animal shelters– toys, tennis balls, collars, leashes, food, cat litter, cardboard trays, office supplies, cleaning supplies, towels, mats, washcloths, etc. We will accept donations Monday-Friday between 9am & 5pm.

We had another busy month. May started with two sisters having baby showers in New York City. If you read last month’s newsletter, it won’t come as surprise to hear that Elise asked why we didn’t take the train. I have a feeling that we’ll be taking trains quite a bit as that seems to be her preferred method of travel.

We also got to spend time with her buddy, Rainer. As we were leaving his home, we saw a house across the street for sale. Elise’s eyes widened as we talked about it and asked: so if we lived across the street from Rainer, could we see him any time I want? That sounds like trouble to me!

Fenway and Roxy are enjoying the Spring weather that has finally arrived…although a few days without rain would certainly be nice too. We’re now able to take longer walks to their favorite places: Patterson Park and Dogma (for their favorite treats).

I hope you enjoyed this month’s newsletter.

Best Wishes,

Woody Derricks, CFP®, ADPA®

President

CA Insurance License #0C40217

Partnership Wealth Management | 410-732-2633 | E-mail | Website

As a Registered Investment Advisor (RIA), Partnership Wealth Management is committed to providing our clients with financial planning and wealth management services to help them work towards their financial goals. At Partnership Wealth Management, we have a long history of working with the LGBT community. Among the many services we offer are financial planning and estate planning strategies for gay and lesbian couples. Financial planning is an important part of preparing for the future; contact us today to get started.