Prepare your Wyoming Private Trust Company
Wyoming private trust companies, sometimes referred to as private family trust companies (PTCs), provide several advantages for families seeking an alternative to conventional, and sometimes expensive, individual or corporate trustees to manage family dynasty trusts or other trusts. A PTC can alleviate worries regarding an individual trustee's bias, expertise, and permanency. Equally, a PTC can provide improved trustee flexibility and bureaucratic expediency
Recently, Wyoming's legislature has made PTCs more usable and friendly. Representative Jared Olsen helped structure some of the new PTC statutes as a co-sponsor to recent legislation. Families of smaller size with more modest means are increasingly ripe candidates for PTCs as the burdens of formation and management are decreased, especially since a PTC can be used under the organizational structure of Wyoming's limited liability company (LLC).
The primary advantages of PTCs include control, succession and stability and flexibility.
What Exactly is a Private Trust Company?
A PTC is simply an entity or organization in the legal form of an LLC, or sometimes as a corporation. The PTC is appointed as the trustee of one or more of a family's trusts (usually a family dynasty trust). PTCs in Wyoming are governed by the Wyoming Chartered Trust Company Act. Pursuant to the Act, a PTC may participate in trust company business for family members but may not provide trustee services to the general public. The Act permits both regulated and self-regulated PTCs.