Dec 2024
The question of who should act as the trustee of a trust is a fundamental and preliminary question in any trust structuring, the options typically being either a professional trust company or a private trust company which is incorporated specifically to act as a trustee. Conyers is able to provide legal advice and a comprehensive range of corporate, fiduciary and administrative services in connection with the establishment and ongoing administration of a PTC incorporated in either Bermuda, the British Virgin Islands or the Cayman Islands.
What is a Private Trust Company?
A private trust company (PTC) is a company established and structured with the sole purpose of acting as trustee for a specific trust or a related group of trusts, such as trusts established by the same settlor or family group. PTCs are exempt from the licensing requirements otherwise applicable to companies seeking to provide trustee services under banking and trusts legislation, provided that the PTC complies with the applicable regulations restricting the trusts to which they can provide services. PTCs would not usually charge trustee fees unlike a professional trustee.