What is the purpose of the Society of Trust and Estate Practitioners (STEP)?

• A. Provide legal defense in court
• B. Issue regulatory licenses for asset management
• C. Advise on best practice with structuring finances, ensuring compliance and preservation of assets.
• D. Publish tax statistics

Answer: (C)

STEP is a professional body for practitioners who work with trusts and estates. Its purpose is to raise and uphold high standards by providing guidance, qualifications, and ongoing professional development for those advising on private client work—such as trusts, wills, estates, and succession planning. This includes promoting best practice in structuring finances, ensuring compliance with legal and regulatory requirements, and safeguarding and preserving clients’ assets across generations. It isn’t a regulator issuing licenses, nor a body that defends in court, nor a publisher of tax statistics, so the option describing best-practice guidance on structuring finances, compliance, and asset preservation best fits STEP’s role.