The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)
The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)
  • Trustees' powers
  • The Standard Provisions of the Society of Trust And Estate Practitioners (1st Edition)
  • Background
  • The Standard Provisions of the Society of Trust And Estate Practitioners (2nd Edition)

FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.

Trustees' powers

As trusts can arise by operation of law as well as by way of express trusts, the law must provide implied powers to enable trustees to carry out their task. The trustee's implied powers include, for example:

  1. advancements

  2. delegation

  3. insurance

  4. investment

  5. maintenance

  6. buying and selling land

In creating express trusts it is common to amend the implied powers and to add to them.

The Standard Provisions of the Society of Trust And Estate Practitioners (1st Edition)

Background

The Society of Trust and Estate Practitioners (STEP) was founded in 1991. It commissioned James Kessler QC to produce some routine administrative clauses that could be incorporated into trusts and Wills by reference, to enable those documents to be shortened and

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