A private trust company, or PTC, combines the structure and benefits of a corporate trustee with the added flexibility of having family members and their advisors take an active role in trust governance and operations. A PTC is essentially a fiduciary operated by the family and its advisors, often in conjunction with a family office and an administrative services provider. A board of directors provides oversight.

PTCs have several advantages for UHNW families and family offices:

• They have a perpetual lifespan, which facilitates succession planning and negates the need to find, retain, and replace individual trustees for multiple family members and branches over long periods of time.

• They give the family more control through various committees such as for investment or education.

• They are often more cost-effective than traditional trustees for large or complex families.

• They limit the liability of its participants. 

A selection of U.S. states allow private trust companies, including  Alaska, Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming.