Family trust companies are privately held corporations or limited liability companies that are exclusively owned by and provide fiduciary services to “family members,” as more specifically set forth in Chapter 662, Florida Statutes. A family trust company may also provide services to certain qualifying current or former employees of the family trust company, but may not provide services to the public or engage in commercial banking.
Family trust companies differ from non-depository trust companies, which are chartered pursuant to Chapter 658, Florida Statutes. Non-depository trust companies chartered pursuant to Chapter 658, Florida Statutes, may engage in trust business pursuant to Chapter 660, Florida Statutes, by providing fiduciary services to the general public. For information, please visit non-depository trust companies.
Submission of the appropriate application (with filing fee) and related forms to the Office of Financial Regulation are required.