Meade King is proud to be a Gold STEP Employer Partner and boasts a number of trust and estates practitioner (TEP) lawyers in our Tax and Estate Planning team, but what does this mean and why should you use a TEP lawyer for later life planning?
STEP is the Society for Trust & Estates Practitioners. It's a membership organisation that supports professionals to develop in the area of wills, trusts, estate administration and personal taxation.
It provides up to date technical information and training to ensure that all its members maintain the highest professional standards and have a wealth of knowledge and expertise. STEP also works closely with the government and regulatory authorities to look at the impact of any proposed tax changes and to campaign for clear, fair and consistent tax rules to help families to plan confidently for the future.
By using a TEP lawyer for your later life planning, you can guarantee that your lawyer has all the technical information and training necessary to work as effectively as they possibly can for you. As a member of STEP, your TEP lawyer has agreed to adhere to the strict code of conduct, which lays out the highest professional standards by STEP.
For example, a lawyer who is a member of STEP is required to comply with the STEP Professional Code of Conduct and when they are writing a will and they have to follow the STEP Will Code. STEP also protects you. If you use a STEP qualified lawyer who does not follow the Code of Conduct or the Will Code, then there is a formalised Complaints and Disciplinary Process.
For a lawyer to become a full member of STEP, and use the letters TEP after their name, they have to pass the STEP Diploma in Trusts & Estates or demonstrate their expertise through the Qualified Practitioner route.
So why instruct a TEP Lawyer? They are considered to be experts in the following:
- Trusts and estates, including the planning, creation, management of and accounting for them
- Acting as executors
- Administration of estates
- Related taxes such as inheritance tax and capital gains tax.
TEP lawyers have to complete regular continued professional development to ensure that they maintain and build on their knowledge and skills gain through completing the STEP qualification. This means they will provide you with detailed tax and estate planning advice based on the latest developments in the law.
The Tax and Estate Planning team at Meade King is experienced in dealing with people who are at a difficult time in their lives. We know and appreciate how difficult it can be after you lose someone you love so you can expect the team to show not only their professionalism, but also their understanding, and compassion at such a difficult time.
We can also help you to plan ahead, make provisions for the people you love and those who are important to you.
If you need help or advice from our Tax & Estate Planning team, call us now on 0117 926 4121 or make a Free Enquiry Online. We’re happy to help.