Encyclopedia > STEP (Society of Trust and Estate Practitioners)
STEP (The Society of Trust and Estate Practitioners) is the professional body for workers in the trust industry and the (often overlapping) field of estate administration. Its members are mainly solicitors, barristers, attorneys, accountants, trust officers and trust administrators as well as banking and insurance professionals in the trust field. STEP has branches in 33 countries. In the United Kingdom and countries having a similar legal system the legal profession is divided into two kinds of lawyers: the solicitors who contact and advise clients, and barristers who argue cases in court. ... British barristers wearing traditional dress. ... An attorney is someone who represents someone else in the transaction of business: For attorney-at-law, see lawyer, solicitor, barrister or civil law notary. ... Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... For other uses, see Bank (disambiguation). ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. ...
The main focus of the organisation is to administer the examination process to ensure the quality of the membership, and to provide educational and networking opportunities for STEP members at branch level.
The designation TEP after a member's name is the only widely recognised mark for professionals in the trust and estate industry. The term trust has several meanings: In general, trust refers to an aspect of a relationship between two parties, by which a given situation is mutually understood, and commitments are made toward actions in favor of a desired outcome. ...
Strictly speaking, an offshore trust is a trust which is resident in any jurisdiction other than that in which the settlor is resident.
A resulting trust is the form of implied trust which occurs where a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets.
Practitioners typically distinguish personal trusts from institutional trusts: the former being established as a part of one or more individuals' estate and personal financial planning and/or investment needs, and the latter typically by or on behalf of foundations, endowments, and defined benefit and other qualifed pension plans.
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