In this blog article, Beth Abbott from our Conveyancing team demystifies the term ‘Caveat Emptor’, the principles of which are key when buying or selling a new home. What does Caveat Emptor mean? Put simply, Caveat Emptor is a Latin term...
Trust Estate Practitioners
At Fishers, many of our Wills, Probate, Tax & Trust Lawyers are members of the Society for Trust & Estate Practitioners. To become a Trust & Estate Practitioner (TEP), practitioners must have a combination of specialist qualifications and experience, including significant involvement with planning, creation, management of and accounting for trusts and estates, executorship administration and related taxes.
As members of STEP, our lawyers are subject to an extensive Code of Professional Conduct, requiring them at all times to act with integrity and in a manner that inspires the confidence, respect and trust of their clients and of the wider community. They are also required to keep up to date with the latest legal, technical and regulatory developments. You can recognise a Full Member of STEP by the letters ‘TEP’ (Trusts and Estates Practitioner) after their name.
What do TEPs do?
As specialists in inheritance and succession planning, TEPs draft wills and trusts, administer estates, act as trustees and advise families on how best to structure their finances to ensure compliance and preserve their assets for future generations.
In their professional practice, TEPs often help people at difficult or emotional times, such as after the death of a close family member. Some examples of what TEPs may advise on are:
- providing for an individual following their partner’s death, while protecting the interests of their children
- ensuring elderly or vulnerable relatives are cared for and supported
- helping families with interests spread across the world to be compliant with the laws and tax rules of different countries
- ensuring that a family business will pass safely from one generation to another
- helping clients to support charitable causes in an effective way.
Why use a TEP?
Choosing a professional to help you to deal with such important and often sensitive issues can be difficult. Many aspects of planning are non-regulated, meaning anyone can write a will, for example, regardless of training or expertise. With a TEP, you’re in safe hands.
Expertise: TEPs are recognised experts in their field, with proven qualifications and experience. By joining STEP and maintaining their membership they have also shown significant commitment to their continued professional development in this specialist area.
Integrity: TEPs are subject to an extensive Code of Professional Conduct, requiring them at all times to act with integrity and in a manner that inspires the confidence, respect and trust of their clients and of the wider community. These professional standards provide you with a clear understanding of what to expect from a TEP, and importantly if you feel one of our members is not acting in accordance with these standards, you have recourse to our Complaints and Disciplinary Process.
Knowledge: TEPs are required to maintain and develop the knowledge and skills relevant to their role as a condition of their continued membership. This means TEPs will always be up to date with the latest legal, technical and regulatory developments that may affect you and your situation.
Connections: TEPs have access to a global network of 20,000 professionals, enabling them to share knowledge and expertise across professional and geographic boundaries and to offer a joined-up service that can really add value to you as a client.