Isle of Man Private Trust Companies
Private Trust Company Structures
When undertaking wealth management and estate planning, many clients look for structures that fit their personal circumstances.
A solution for some clients is the use of a Private Trust Company (PTC). This is a special purpose vehicle that enables the board of directors of the PTC to control and direct the fiduciary function of trust.
The make-up of the board of directors can comprise family members, advisers to the family (e.g. lawyer, accountant, investment adviser) alongside professional directors from Fortress, thus ensuring an element of control is retained by the client.
Benefits of a Private Trust Company
- Retention of control
- Succession planning
- Confidentiality and anonymity
- Consolidation of ownership of assets
- Greater continuity and efficient management of trust assets such as family businesses
- Flexibility to cater for future requirements
- Protection of family wealth
- A controlled yet flexible way of distributing benefit for future generations, including
- Board of Trustee able to make decisions instantaneously
- Family members and/or trusted advisors can be appointed to the Board of the Trustees
- Ability to bring in a wide variety of asset classes
- Maximising tax efficiency
- Professional administration services
Advantages of establishing a Private Trust Company in the Isle of Man
A PTC does not need to be licensed in the Isle of Man where it only provides trustee services to a specified trust or related trusts. This compares favourably with many other jurisdictions.
If you would like more information on the Fortress Private Trust Company, please contact Andrew Ash or complete our enquiry form here.