Montana Private Trust Company
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FAQ
Registration Mandates for a Private Trust Section 5 of the Act states that with respect to: Immovable property: A private trust must be created by a non-testamentary instrument in writing. Further, the non-testamentary instrument needs to be signed by the author of the trust or the trustee and has to be registered.
Private Trust Definition: A Private Trust is a legal contract that holds and manages assets for relatives, family members and friends of the Grantor (the Trust creator and owner).
Private trust companies are designed to preserve ownership of family wealth, which may include business assets, real estate, alternative assets such as hedge funds or private equity. These assets are managed by the trustee in accordance with the wishes of the family.
States that recognize regulated private trust companies include:Alabama.Colorado.Delaware.Massachusetts.Nevada.New Hampshire.Pennsylvania.South Dakota.More items...
A Private Trust Company (PTC) is often created to be the trustee of one or more (typically) family trusts, but is not run as a commercial trust company. PTCs are popular with ultra-high net worth families who want to retain significant control over trustee decision-making.
When the trust is established for family members, relatives, friends, etc. then the trust is called a Private Trust. The formation of a private trust gives this transaction a legal form and guarantees that money is used only for the benefit of his/her family and in the way the trustee wishes it to be handled.
Private Trust Companies (PTCs) are established with the sole purpose of acting as corporate trustee to a trust or a number of trusts, created by a settlor or individuals connected to the settlor described in the trust instrument creating the private trust.
Plus, because trusts are private arrangements, they're a great way to plan the future ownership of any family business interests while keeping your financial affairs under wraps.
A private trust is a trust established for the benefit of an individual or individuals and are enforceable by the beneficiaries, while a public trust is an express trust created for a public, religious, or charitable purpose.
Some of the larger trust companies are Northern Trust, Bessemer Trust, and U.S. Trust, which is now part of Bank of America Corporation. These trusts generally charge their fees based on a percentage of assets, ranging from 0.25% to 2.0%, depending on the size of the trust.
