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Whether acting as council members of your foundation or directors of your private trust company (PTC) and underlying companies, those in a fiduciary position have a legal obligation to act in the best interests of the beneficiaries or shareholders.
Trusts and foundations are widely used to help clients grow, manage and protect their assets efficiently, and often as a key element of succession planning. While they are used for similar objectives, they have specific benefits and features depending on the precise type of structure, and its place of jurisdiction. PTCs are commonly used in trust structures to allow the family to maintain an element of control without compromising the integrity of the trust.
Foundations are managed by a foundation council, which is similar to a board of directors. We act as council members for many of our clients’ foundations, commonly to ensure that the correct level of governance is maintained.
PTCs have a board of directors who are responsible for the management of the trust. We act as directors of the PTC for a number of our clients’ trusts and can also act as directors of any underlying companies, where appropriate. This role brings with it significant responsibilities in order to ensure that each trust and its assets are managed appropriately.
