Pennsylvania Private Trust Company
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FAQ
In terms of ownership structure, private trust companies may be held by the establishing family, another trust or a foundation. Private trust companies may be regulated or unregulated. A regulated private trust company offers trust services and is subject to state and/or federal laws.
A Private Trust Company (PTC) is often created to be the trustee of one or more (typically) family trusts, but is not run as a commercial trust company. PTCs are popular with ultra-high net worth families who want to retain significant control over trustee decision-making.
The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.
Private trust companies are designed to preserve ownership of family wealth, which may include business assets, real estate, alternative assets such as hedge funds or private equity. These assets are managed by the trustee in accordance with the wishes of the family.
Plus, because trusts are private arrangements, they're a great way to plan the future ownership of any family business interests while keeping your financial affairs under wraps.
In legal terms, a Private Trust is a fiduciary relationship that grants a beneficiary the right to money or property. Private Trusts can survive the Grantor's death, and may also be created through direction in a Living Will. In the latter case, the Trust will be formed after the Grantor's death.
The California Department of Financial Institutions ("DFI") licenses trust companies in California.
Based on these considerations, some of the most common jurisdictions for private trust companies are Alaska, Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming.