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The Private Trust Company

The Private Trust Company, N.A., (PTC) provides trust administrative services for individual and family assets. Licensed in all 50 states under its 1995 national banking charter, the bank does not engage in any lending or deposit taking, therefore specializing solely in providing fiduciary services.

PTC is regulated and examined by the Office of the Comptroller of Currency, a division of the U.S. Treasury Department, and is a member of the Federal Reserve Bank. Independent auditors audit PTC while its accounts are insured and bonded to protect client assets.

The Private Trust Company does not provide day-to-day investment management for trust assets. Instead, PTC allows clients to delegate money management services or maintain their relationship with their financial advisors for investment management. PTC serves in an administrative corporate trustee role, providing all record keeping, accounting and tax preparation; also, PTC ensures that trusts are managed and distributions occur according to the terms of the trust document.

Services Offered

The administrative role is central to carrying out the wishes of the grantor regarding the use of assets in the trust. The trustee carries out the directions and follows the guidelines in the trust agreement in handling the specific circumstances of each request for funds from trust beneficiaries. This involves legal interpretation of the language in the document and appropriate input from family members and professional advisors. Experienced and unbiased trust administration is a vital component to implementing the plan of the grantor.

The Private Trust Company offers the following administrative services:

  • PTC trust officers provide a knowledgeable review of the Client's trust agreement and the types of assets funding the trust.
  • Trust accounting, distribution, transaction and tax services are provided for all clients
  • PTC prepares the IRS Forms 1099 and Schedule D to track and report all taxable income and deductible expenses for grantor trusts and agencies.
  • PTC prepares and files IRS Forms 1041, tax returns for a trust and K-1s for taxable income and deductible expenses for trust beneficiaries.
  • Any required accounts are filed with local courts
  • On an annual basis, PTC reviews all aspects of the trust's administration for compliance with fiduciary laws and regulations.
  • Thoughtful exercise of distribution discretion.
  • Protect and defend the trust against claimants