A settlor, when establishing a trust, will typically draw from the following categories of potential trustees:
- individuals who they know and trust, who are familiar with the settlor's affairs and who typically have a relevant professional background (eg lawyer, accountant, family business etc.);
- professional trust companies, whether bank-owned, private equity-backed or independent, who provide trust services to clients as their business; and
- private trust companies, that is, companies incorporated purely for the purposes of acting as trustee of a particular trust or trusts.
The purpose of this note is to look at this last caterory in more detail.
Click to view memo