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Private Trust Companies
A private trust company ("PTC") is a useful vehicle to consider in the planning and establishment of trust structures.
Private trust companies (PTCs) have become very popular structures over the last fifteen years due to the many benefits they offer. A PTC is a company which acts as trustee of family trusts, allowing the settlor and his family to take part in the active management of the trusts. PTCs solve concerns many self-made settlors have about transferring their hard-earned wealth to trustees they do not know. PTCs are particularly useful in cases where there is a wide range of assets held in the structure for the benefit of a large number of extended family members of different generations. Trusted advisors and family members can all serve on the board of the PTC ensuring that the trustee will always be aware of the situation of the beneficiaries and respond to their needs.
It is recommended that the "PTC" is "orphaned" by a foundation (essentially a company without shares) so that no family member has a shareholding in the PTC.