A private trust company is a privately owned corporate trustee whose sole purpose is to act as trustee to a trust or group of connected trusts. This is a particularly attractive structure for wealthy families who are sensitive to issues of confidentiality, or who wish to retain some control or influence over the administration of the trust assets which may include shares in the family company.
One way for a settlor to retain some control over the affairs of a trust is to establish and license a private trust company in the Cayman Islands. If this is desired, it will be necessary to appoint directors of such private trust company with substantial trust experience.
This trust provides the framework under which family members can be involved in decision making, by being on the board, and they can avoid the complications of succession when used in conjunction with a STAR Trust.
Benefits
Private trust company can also be used in a commercial or philanthropic context.