PRIVATE TRUST COMPANY
What is a Private Trust Company?
A Private Trust Company (PTC) is a privately-owned company specifically incorporated to be the trustee of one, or more than one, family trusts; a PTC cannot business with the public, their sole purpose is to act as the trustee to a specific (usually family) trust trusts. It is generally used by families wishing to ensure that a trust is well maintained and well run and so they can have a say in the trusts’ decisions.
So, is a Private Trust Company right for you?
Well, let’s look at some of the benefits of a PTC to understand if it is the right decision for you and your family.
One of the main benefits of a PTC is the level control and privacy the trustor (you) has over the trust’s finances. A PTC is run by a board of directors in charge of decisions, just like any other company. The benefit is that you can appoint any number of family member trusted business partners, or legal experts to this board. You can even appoint yourself. The finances are therefore in the hands of people you can rely on. And because these are people you can rely a PTC maintains more confidentiality than a large and highly regulated international institution. In today’s world, financial circumstances can change day to day. With a you can react quickly to these changing circumstances, because your board of directors will be more familiar with the transactions of the company than a corporate trustee. Therefore, they can more efficient when reacting to those changing circumstances.
Lastly, with a PTC many different trusts can unified under a single set of laws, instead of differing jurisdictions. Decision making is therefore simplified and effective. Succession is also simplified under a PTC. There is a clear hierarchy of decision making obviates the messy legal battles that can occur with trusts.
So, if you would like to maintain a high level of control over your family’s trusts, maintain privacy, increase your flexibility in the face of changing circumstance simplifying the hierarchy of control, then a Private Trust Company is probably right for you.
What are the benefits of forming a PTC in Wyoming?
Wyoming has the distinct characteristic of having zero contribution requirements and no State oversight. In most places a minimum contribution of $200,000 to $500,000 required and there is significant regulation. However, in Wyoming a Wyoming Single Family Company (WPTC) is either a Wyoming LLC or corporation established to serve your family.
What will you need to form a WPTC?
To form a PTC in Wyoming you are required establish a Family Office in the state. Cloud Peak Law provides the following services to support your family office:
- Forming a Private Trust Company
- Registered Agent Services
- Physical Address in Wyoming
- Mail Scanning & Forwarding
- Wyoming Phone Number
- Wyoming Domiciled Bank Account
- Assistance with Wyoming Secretary of State filings.
- Counseling of family members regarding assets and trusts.
- Coordination with advisors, professionals and managers.