STEP news
New publications from STEP
STEP Standard Provisions, third edition
The STEP Standard Provisions were first published in 1992, with a second edition published in 2011, reflecting changes in the law and practice since 1992. The new third edition reflects further changes in both the law and practice that have occurred since 2011 and should only be used in relation to wills and trusts subject to the law of England and Wales.
James Kessler KC TEP originally drafted STEP Standard Provisions. A STEP working party, chaired by Amanda Simmonds TEP, undertook amendments, additions and guidance to this latest edition.
On 26 September 2023, the practice direction was approved by the Chief Chancery Master of the Family Division. This allowed the STEP Standard Provisions, 3rd Edition to be incorporated into wills by reference.
Since they were first published, the standard provisions have become an important element in drafting wills, with practitioners incorporating them into countless wills and settlements.
What has changed?
In drafting this third edition, the working party aimed to keep as close to the structure of the second edition as possible, given most practitioners’ familiarity with it. As with the second edition, the third edition is divided into two parts: the standard provisions, which might reasonably apply to all wills and trusts; and the special provisions, which may be beneficial in the administration of some wills and trusts, but not all.
The most significant amendment in the new edition is the standardisation of the clauses on trust corporations, which take into account wording from the terms and conditions of trust corporations.
Which edition should practitioners use?
You can continue to use either the first or second edition, but it is expected that the third edition will be the usual version used.
The standard provisions are not a replacement for competence in will drafting. Practitioners, settlors and testators should consider carefully the powers to be incorporated. In particular, the appropriateness of any special provisions to a client’s circumstances should always be considered.
To assist practitioners, STEP has developed a toolkit, FAQs and an overview for clients, available at www.step.org/step-standard-provisions
Modern Families: A Private Client Perspective
STEP has launched a new publication, Modern Families: A Private Client Perspective, kindly sponsored by TMF Group. This follows STEP’s 2021 research report on modern families and brings together articles and resources we have since produced on this important topic, furthering the conversation and providing resources to help support family advisors.
Read or download the supplement at www.step.org/knowledge-hub/modern-families-supplement
Loss of Mental Capacity – A Global Perspective
In November, STEP released a report outlining the findings of a survey of 756 practitioners globally on loss of mental capacity. The report, Loss of Mental Capacity – A Global Perspective, found that capacity issues and requests for advice on the issues have been increasing and respondents believe this trend will continue.
Alongside this, financial abuse is increasing and is most prevalent when there is uncertainty about whether a person lacks the mental capacity to make a decision or when a representative is exercising their authority on behalf of the incapable person. Several findings demonstrated the complexity of capacity for all stakeholders and the need for more education and guidance in this area. The findings also highlight the importance of powers of representation (i.e., lasting powers of attorney and equivalents) and associated barriers and issues that must be addressed through policy and legislation. These include cross-border portability and recognition, which STEP is looking to address through the launch of its Global Representative Power (GRP). Information on the GRP can be found at www.step.org/GRP
Download the report at www.step.org/research-reports/mental-capacity
Wills report
In September, STEP published a report, Wills and Trusts: Buyer Beware, on the impact of unqualified advisors in the estate-planning sector. It draws on the experience of 329 STEP members, mainly in England and Wales. The report found that:
- Over half (54 per cent) have concerns about rogue firms making false claims about wills leading to increased tax bills.
- The majority (63 per cent) have come across cases where a will-writing company has quoted a fee for writing a will but then charged additional costs not covered within the terms of business.
- Just over half of those surveyed (54 per cent) have come across firms making false claims about the wills they are selling to clients. Of those, 71 people mentioned that advisors had wrongly told their clients that they could avoid care-home fees by putting their home and other assets into a trust during their lifetime. Some clients have been advised to gift their house during their lifetime. Both of these are considered to be deliberate deprivation of assets.
- A third of respondents have come across cases where incompetence has led to significant tax bills.
Download your copy at www.step.org/research-reports/wills-and-trusts
Save the date
STEP Benelux conference 2024
The STEP Benelux Conference 2024 will take place on 14–15 March 2024 in Amsterdam, the Netherlands. Watch this space for more information.
STEP Cayman conference 2024
The STEP Cayman Conference 2024 will take place on 18–19 January 2024 at the Ritz-Carlton Hotel, Grand Cayman. Agenda topics include: international wealth and succession planning from a cultural perspective; how to resolve issues caused by problematic trusts and structural vulnerabilities; and the meaning of ‘issue’ where modern families are concerned. View the full agenda and book your place at bit.ly/3Sn5DKu
Obituary: Donovan W M Waters KC
Donovan WM Waters passed away on 9 September 2023, aged 95, after a long life of personal happiness and professional fulfilment. Donovan was born in Brighton, England. He studied law at Oxford University and the University of London. He pursued a career as a professor of law and a legal scholar at universities in England and Canada, including McGill University and the University of Victoria.
After retirement as emeritus professor, he practised law for more than two decades as counsel for firms in Vancouver and Victoria. He combined great scholarship with a love and flair for teaching, garnering a devoted contingent of students over the years who still remember his lectures and laugh at his jokes.
Donovan’s legacy as a legal scholar remains in the many articles and books he authored, in particular his landmark book, Waters’ Law of Trusts in Canada. First published in 1970, it raised Canada’s profile as an important jurisdiction in trusts law and made Donovan a recognised international expert. Donovan’s academic achievement was recognised with two honorary doctorates and a DCL from Oxford University, as well as a Lifetime Achievement Award from STEP.
Donovan had a happy family life and was married for 57 years to his late beloved wife Maryla. He is survived by their three children, Catherine, Anne-Marie and Alastair, and their four much-loved grandchildren, Jonah, Alex, Benjy and Claire. He was a loving, gentle and generous father and grandfather, who could talk to his family about esoteric subjects and then burst into song.
Although Donovan’s family and friends mourn his passing, we celebrate his long and happy life and his legacy of love, friendship and scholarship.
By Catherine Waters
STEP success at awards
In September, STEP had a successful night at the Memcom Excellence Awards, which focuses on the membership sector. STEP won four awards, including Best Public Awareness Campaign for our Protect Your Digital Memories campaign and the EDI Award. STEP was also highly commended in two categories: Best Professional Membership Organisation and Best Celebration Event of the Year for last year’s Private Client Awards.
Finally, STEP won the Grand Prix Award for being the biggest winner of the night. See the full results at bit.ly/3FCHw2Z
STEP also collected three awards at the Association Excellence Awards in London on 3 November. We were delighted to win Best Awareness Campaign for our Protect Your Digital Memories campaign. We also won Silver for International Association of the Year and Bronze for Best Marketing Project.
Codes of conduct
Our codes of conduct and other standards guidance have moved to the members’ section of the STEP website. This includes a video providing an overview of the Code of Professional Conduct and links to other resources. Find out more at www.step.org/members/code-conduct
CPD audit 2023
In October, STEP launched its annual continuing professional development (CPD) audit. Members have been notified if they have been selected to submit their CPD records for review. STEP is auditing 2 per cent of our membership who are not in active study, retired or on long-term leave.
Members have until 11 December 2023 to submit their CPD records for audit review. Members may receive queries from branch members regarding the CPD audit.
Please direct any queries to Megan Jones, CPD Audit Manager, at cpd@step.org
Updated CPD Hub
Coinciding with this year’s CPD audit, we have updated the CPD pages on the STEP website to bring together all the important resources in one place. We have added video topics on reflective practice and ethics, along with updated guides and information about how members can plan and record their CPD.
Explore the CPD hub at www.step.org/members/cpd
PDC Member vacancies
We are looking for STEP members from European and Latin American jurisdictions to join the STEP Professional Development Committee (the Committee) from January 2024. The Committee is responsible for overseeing STEP’s professional development programmes on behalf of the Board. The Committee’s role is to promote high-quality professional development for existing and potential members, in line with STEP’s strategy. The Committee meets five times a year, working closely with the Professions Directorate and collaborating with other STEP committees to ensure that the STEP professional development strategy is consistent with and delivers objectives as set by the Board.
If you are interested, please email pd@step.org with your CV.
STEP Moves
- Jessica Lyle TEP has replaced Robbie Brown TEP as Chair of STEP Atlantic.
- Tanya Butler TEP has replaced Jessica Lyle TEP as Vice Chair of STEP Atlantic.
- Sarah Wood TEP has replaced Lisa Whitehouse TEP as Chair STEP Birmingham.
- Carol Sadler TEP has replaced Kenneth Keung TEP as Chair of STEP Calgary.
- Victoria Schneider TEP has replaced Carol Sadler TEP as Vice Chair of STEP Calgary.
- Anthony Whittaker TEP has replaced Gillian Knowles TEP as Deputy Chair of STEP Cheshire.
- Peter Ni TEP has been appointed Vice Chair of STEP China.
- Michelle Coleman TEP has replaced Salvatore Amelio TEP as Chair of STEP Edmonton.
- Michelle Millard TEP has replaced Michelle Coleman TEP as Vice Chair of STEP Edmonton.
- Daniel Tribaldos TEP has replaced Grant Osborne-Smith TEP as Chair of STEP Lucerne/Zug Centre.
- Ada Colomb TEP has replaced Elizabeth Connelly TEP as Vice Chair of STEP New England.
- Angela Rae TEP has replaced Jeffrey Otto TEP as Chair of STEP Queensland.
- Helen Cheng TEP has replaced Sara Pike TEP as Chair of STEP San Diego.
- Amanda Doucette TEP has replaced Faisal Khorshid TEP as Chair of STEP Saskatchewan.
- Lane Zabolotney TEP has replaced Amanda Doucette TEP as Vice Chair of STEP Saskatchewan.
- Ian Lebane TEP has replaced Corina Weigl TEP as Chair of STEP Toronto.
- Eric Hoffstein TEP has replaced Ian Lebane TEP as Vice Chair of STEP Toronto.
- Laura West TEP has replaced Yogesh Bhathella TEP as Chair of STEP Vancouver.
- Dwight Dee TEP has replaced Laura West TEP as Vice Chair of STEP Vancouver.
- Roderick Strobl TEP has replaced Filippo Turato TEP as Chair of STEP Verein.
- Daniel Tribaldos TEP has replaced Grant Osborne-Smith TEP as Deputy Chair of STEP Verein.
- Mariska Loeppky TEP has replaced Harmanjit Mavi TEP as Chair of STEP Winnipeg.
- Krista Clendenning TEP has replaced Daniel Watts TEP as Vice Chair of STEP Winnipeg.
MPI Q3 2023 Reports released
The Managed Portfolio Indices Reports for the period ending 30 September 2023 are now available at www.mpindices.com/performance-reports
Third edition of Family Offices: The STEP Handbook for Advisers published
We are pleased to announce the publication of the third edition of Family Offices: The STEP Handbook for Advisers. This practical guide steers readers through the family office model, from its inception to the final stage in its life cycle.
New chapters cover family office relevancy, the importance of the family owner’s manual, reputation in the digital age, diversity and inclusion in estate planning, and building and caring for family art collections. In addition, the book explores the increasing number of important jurisdictions, and features chapters on Australia, Bermuda, Canada, Greater China, the Gulf states, Hong Kong, Israel, Italy, Luxembourg, the Netherlands, Singapore, Switzerland, the UK and the US.
It is edited by Barbara R Hauser and Nicola Saccardo TEP, and is co-published by STEP and Globe Law and Business.
STEP members can get a 20 per cent discount code at www.step.org/books/family-offices-step-handbook-advisers-third-edition
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