Private Trust Companies

Introduction

A settlor, when establishing a trust, will typically draw from the following categories of potential trustees:

1. individuals who they know and trust, who are familiar with the settlor's affairs and who typically have a relevant professional background (eg lawyer, accountant, family business etc);
2. professional trust companies, whether bank-owned, private equity-backed or independent, who provide trust services to clients as their business; and
3. private trust companies, that is, companies incorporated purely for the purposes of acting as trustee of a particular trust or trusts.

The purpose of this note is to look at this last category in more detail.

What is a private trust company?