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Even estates that seem simple can have mistakes that create ill feelings among family members left behind.

When the man drew up his will, he decided to leave his son the small cottage that the two of them had built together. But he had no idea that the fact that he owned the property jointly with his wife might make that impossible.

When the man died first, the cottage transferred to her. After she passed away, it was sold and became part of the assets divided among all of her children, according to the terms of her will.

“His plan for his son to inherit the cottage went completely awry,” recalls Ruth March, director of estate planning for KPMG in Halifax. She cites the unfortunate situation as an example of what can happen without the kind of co-ordination and expertise that the Society of Trust and Estate Practitioners (STEP) brings together.

STEP is a global organization headquartered in London with some 100 branches and chapters in 95 countries, with more than 20,000 members around the world who specialize in inheritance and succession matters. These include financial planners, lawyers, accountants, tax advisers, trust officers, and banking and insurance professionals. The organization promotes high professional standards by providing education and networking opportunities in the specialized field.

“This isn’t an area just to dabble in,” says Ms. March, who is chair of STEP Canada, one of the organization’s largest groups, with more than 2,500 members in 11 branches and chapters. The national body runs a number of educational programs, from entry-level certificates to a full diploma. Law and accounting firms, trust companies and others in the industry sponsor local seminars and an annual national conference that STEP Canada holds.

Ms. March, a certified professional accountant who became a Trust and Estate Practitioner (TEP) in 2001, says the TEP designation shows that members are recognized experts in their field, with proven qualifications and experience. They act in a manner that inspires the confidence, respect and trust of clients, keeping up-to-date with the latest legal, technical and regulatory developments.

The organization would like Canadians to become more aware of the importance of planning their estates and relying on TEPs for guidance in the process.

“We can make sure that all aspects of their financial and estate planning work together,” says Ms. March, noting that “even estates that seem simple can end up with massive mistakes that create ill feelings among family members left behind.”

She stresses that the estate plan should be periodically revisited, as circumstances can change, and that family members should be brought into estate and financial planning discussions.

“Sometimes the next generation isn’t really prepared for what’s coming,” explains Ms. March, noting that amounts can sometimes be unexpectedly large and overwhelming for heirs. “They will need financial planning advice to deal with things like investments and income – as well as their own estate plans.”


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