The advantages of registering a private trust company in the UK: private trust companies have become increasingly popular among both individuals and companies wishing to protect their assets in the long term. For families, it means successive generations can benefit financially from the preserved assets, ensuring the beneficiaries are always looked after.
As long as the private trust company is properly maintained, it will always be in place for the ongoing protection of the assets it controls, ensuring there is no disruption at any time. By contrast, with trustees themselves, there will probably be some element of difficulty: trustees might not always be around when needed, due to being ill or on holiday, and when they retire or die, the assets have to be transferred to a new trustee, involving time and money. So one of the main advantages this type of trust company structure confers on its owners is that it's always there and never needs to be changed.
Private trust companies also have significant tax advantages, especially relating to hefty inheritance taxes. Property and cash and investments under the trust remain in place after death and continue to provide an income for beneficiaries, rather than have to be transferred to various parties and be subjected to large amounts of tax. In addition, age limits can be put in place before a beneficiary starts receiving money from the trust, in cases where they might not be old enough to inherit.
It's wise to use the expert services of an incorporation agent such as Coddan Formations Agency when you want to create a private trust company, as there are various elements to the registration process and they can all be handled in one place, instead of an individual having to work out what to do themselves. It means that large amounts of paperwork and lots of time required for meetings to set-up a private trust company is done away with.