STEP Diploma study plan

Map the requirements for a valid express trust (three certainties, formalities, constitution, beneficiary principle) and explain each element in your own words

Distinguish fixed, discretionary, bare, protective and charitable trusts and identify which drafting features drive tax and administration consequences

Explain resulting and constructive trusts and when they arise in estate and trust practice

Draft a one-page checklist a trustee could use when accepting a new appointment

Describe trustee duties and powers (investment, delegation, advancement, appropriation) and the standard of care applied to each

Explain fiduciary duties, conflicts of interest, and the self-dealing rule with worked examples

Outline how trustees are appointed, removed and retired, and how breaches of trust are remedied

Compare the remedies of tracing, following and personal claims against trustees

Explain the formalities for a valid will and the grounds on which a will may be challenged

Apply the intestacy rules to at least three different family scenarios and calculate who takes what

Describe the grant of probate and letters of administration process, including excepted estates and the inheritance tax account

List the personal representative's duties from death through distribution, including the administration period

Explain how inheritance tax applies on death, including the nil rate band, residence nil rate band, transferable bands and taper relief

Calculate inheritance tax on a sample estate including lifetime gifts and exemptions

Explain the principal taxes affecting trusts (income tax, capital gains tax, inheritance tax relevant property regime) at a high level

Identify the tax return and payment deadlines for estates and trusts

Explain the relevant property regime for discretionary trusts, including ten-year and exit charges

Distinguish the tax treatment of bare trusts, interest in possession trusts and discretionary trusts

Prepare a simple set of trust accounts: receipts and payments, capital and income split, and trustee expenses

Explain the duty to keep accounts, the accounting records required and the purpose of the annual accounts

Outline the regulatory framework applying to trust and estate practitioners, including registration and anti-money-laundering obligations

Apply a structured ethical decision-making model to three realistic conflict and confidentiality scenarios

Explain capacity, undue influence and vulnerability issues in estate planning and how to manage them

Draft an advisory note recommending a planning structure for a client with mixed family and charitable intentions

Explain the trustee's investment duties, the prudent investor approach and the role of a documented investment policy statement

Describe how asset allocation, diversification and liquidity needs differ for trusts and estates

Explain the principles of estate planning: lifetime gifts, wills, trusts, and business and agricultural reliefs

Identify when specialist advice should be sought and how to document that referral

Explain cross-border issues: situs of assets, residence and domicile, double taxation and applicable law for succession

Identify when foreign law advice or a foreign grant is needed

Consolidate weak areas by re-testing the domains with the lowest practice scores

Complete a timed full-length mock examination under exam conditions