A PTC does not have a distinct legal form from any 'normal'
company. It is formed with the express intention of acting as a
corporate trustee for one or more related trusts.
The Board of Directors of the PTC will typically consist of
majority representation from a licensed fiduciary services provider
such as Collas Crill Trust but may also include the Settlor or
other members of the Settlor's family, or other professional
advisors who may well have a longer and more trusted relationship
with the Settlor than a fiduciary services provider might, at the
outset of the relationship.
By allowing Board representation by the family, the Trustees are
better able to understand the needs of the beneficiaries and to be
aware and respond to changes within the family unit.
If, as is usual, the PTC does not charge the trusts for which it
acts any fees, it is not obliged to obtain a Fiduciary Licence.
Ownership of the PTC can be structured in such a way as to keep
it out of the estate of the Settlor if this is a requirement of the
It is normally a pre-requisite that residence of the PTC for
fiscal purposes is retained in a nil or low tax jurisdiction.