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

Published by a UU��ֱ�� Private Client expert

Practice notes

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

Published by a UU��ֱ�� Private Client expert

Practice notes

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:

•
advancements
•
delegation
•
insurance
•
investment
•
maintenance
•
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 simplified. These provisions are known as the Society of Trust and Estate Practitioners Standard Provisions (1st Edition) (the 1st Edition). The Standard Provisions form a comprehensive code of administrative provisions which can be included in a Will or trust.

A Practice Direction

Jurisdiction(s):

United Kingdom

Key definition:

Trust definition

What does Trust mean?

An equitable obligation (ie a duty imposed by the law of equity), binding the trustee to deal with property over which he has control (the trust property), for the benefit of persons (the beneficiaries), of whom the trustee may be one, and any one of whom may enforce the obligation.

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