Since 2006, New Hampshire has permitted the formation of family trust companies. A family trust company is a family-owned, non-depository trust company that provides trust, investment, and related services to the family, their trusts, and their businesses. For families that have complex holdings and significant wealth, family trust companies provide structure and governance that can help to streamline management and preserve important oversight.
ADVANTAGES OF A FAMILY TRUST COMPANY
- A family trust company serves as an institutional trustee and as such provides a resolution to trustee succession issues.
- Family Trust Companies are exempt from SEC registration as they are instead regulated by the New Hampshire Banking Department.
- The requirements for forming a New Hampshire family trust company make the formation straightforward and easy. Those requirements include having three or more directors (who need not be New Hampshire residents) and maintaining $250,000 or more of capital.
- Liability protection
- Heightened privacy
- Efficient and improved family governance
SELECTING NEW HAMPSHIRE
In addition to having the nation’s most attractive trust- and business- friendly landscape, New Hampshire also enjoys a reputation as one of the most favorable regulated family trust company states. New Hampshire has a responsive state legislature and a timely and streamlined application process. Its ongoing oversight of family trust companies is straightforward and families can take advantage of New Hampshire’s modern and flexible trust laws.
HOW PERSPECTA CAN HELP
Perspecta Trust has been helping wealthy family’s create private family trust companies since 2007. We can serve as the New Hampshire-based board member and lend our expertise in ongoing trust administration. Perspecta can be the family trust company’s in-state presence: maintaining office space, hosting board meetings, answering phones and collecting and forwarding mail. Contact us to see how we can help in the process of structuring a best-in-class family trust company.