We’re thrilled to announce that our Head of Wills, Probate & Trusts, Matthew Lee, is now a fully qualified TEP.
A TEP is a Trusts and Estates Practitioner and full member of STEP, a global professional body with only around 21,000 members worldwide. STEP is comprised of lawyers, accountants, trustees and other practitioners that help families plan for their futures.
To become a 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.
What does it mean to be a TEP?
TEPS are experts in their field, internationally recognised for their proven experience and qualifications. They adhere to STEP’s strict code of professional conduct which ensures members behave ethically, are compliant with all relevant regulations and legislation, and commit to keep their skills and competencies up to date.
To have a qualified TEP on the team means we’re providing the top level of wills, trusts, and estate planning. We’re glad to offer peace of mind to our clients that they’re in the best hands possible.
Did you know that will writing isn’t a regulated activity in England and Wales? STEP has a Will Writing Code that all qualified members must abide by – this added level of regulation sets STEP members apart from any other will writer. As wills are important documents to get right, some people prefer to have their wills written or reviewed by TEPs.
As there are only around 21,000 people who have TEP status, it shows it’s an impressive qualification to gain. When your solicitor is a TEP, you know you’re benefiting from the highest level of knowledge and experience.
What is estate planning?
Estate planning is the process of arranging for the management and distribution of your assets after you pass away. It involves making important decisions about who will inherit your property, how your debts will be settled, and who will be responsible for carrying out your wishes.
Here are the steps and considerations involved in estate planning:
- Assess your assets: Take stock of all your assets, including property, investments, savings, and valuable possessions.
- Decide your beneficiaries: Decide who you want to inherit your assets. This could include family members, friends, or charitable organisations.
- Choose executors and trustees: Executors are responsible for managing your estate and ensuring your wishes are carried out. Trustees may be needed to manage assets on behalf of beneficiaries, especially if they are minors or incapacitated.
- Draft legal documents: Create essential legal documents such as a will, trusts, and powers of attorney to outline your wishes and appoint individuals to act on your behalf.
- Plan for taxes: Understand the tax implications of your estate plan and take steps to minimise tax burdens for your beneficiaries.
- Consider special circumstances: If you have unique circumstances such as owning a business, having children, or providing care for dependents with special needs, tailor your estate plan to address these specific needs.
- Review regularly: Estate planning is not a one-time event. Review your plan periodically and update it as needed to reflect changes in your life circumstances or financial situation.
What are the benefits of a solicitor in estate planning?
Using a solicitor for estate planning can be beneficial for several reasons:
- Legal expertise: Solicitors have the legal knowledge and expertise to ensure your estate plan is legally sound and accurately reflects your wishes.
- Customisation: A solicitor can tailor your estate plan to your specific needs and circumstances, helping you address complex issues and minimise potential disputes among beneficiaries.
- Peace of mind: Knowing that your estate plan has been professionally prepared provides peace of mind that your wishes will be carried out effectively and in accordance with the law.
- Updates and changes: Solicitors can help you stay informed about changes in estate planning laws and assist you in updating your plan as needed to ensure it remains current and effective.
Due to the complexity, involving a solicitor in your estate planning process can help ensure that your wishes are clearly documented, legally valid, and effectively implemented.
How to choose the right solicitor
We recommend researching and shopping around so you can find the right solicitor for your needs.
Some places are general practices, like Harold Stock & Co., which means they cover different areas of the law. Other firms specialise in one or two areas which may be best for you if you have a complex matter in their field.
We recommend you check reviews sites like TrustPilot, and check what professional bodies the solicitors are members of. As well as Matthew Lee with his STEP membership, we have solicitors who are members of The Law Society. This shows their expert knowledge and experience as well as the fact that they are held to high professional standards.
Have you made or reviewed a will in the last 5 years?
You should think of your will as a ‘living document’ and review it regularly. We recommend reviewing your will every time a significant life event occurs like getting married or divorced. Or every 5 years, whichever comes first.
Harold Stock & Co. have been helping people create and review with their wills for decades. It’s important that your will is legally sound so your wishes can be carried out after you pass away.
Wills can also be complicated to get right. It might seem simple to divide your assets equally between children, or to reward the child that took the time and energy to care for you in later life, but these things can get complicated quickly without the advice of a solicitor. We treat each case individually and will be able to offer the best advice for your situation. If, for example it is your intention to leave unequal shares to your children or grandchildren, we would recommend making additional statements that may help defend any potential estate challenge from a disgruntled beneficiary.
Photo by Tierra Mallorca on Unsplash
