Course description
Master the trust concept and trustee responsibilities required to deliver advice in Scotland. Take a step closer to the STEP Diploma with the Advanced Certificate in Trusts: Law and Practice (Scotland).
This course is subject to the rigorous quality assurance procedures of Manchester Business School, a faculty of the University of Manchester.
- In-depth understanding: Gain a thorough grasp of the concept of trusts, covering their nature, purpose, and classification, based on Scottish Law.
- Legal Expertise in Trust Formation: Acquire practical knowledge on the requirements and procedures for creating trusts, from preparing trust deeds to confirming trustee willingness and property transfer.
- Versatility in Trust Classification: Explore various trust classifications, such as voluntary and involuntary trusts, inter vivos and mortis causa trusts, and public and private trusts, enhancing your versatility in legal contexts.
- Strategic Handling of Trust Assets: Learn to distinguish between trust income and capital, understand the effects of inheritance tax, and navigate the nuances of liferent trusts, including the advantages and uses of discretionary trusts.
- Risk management: Acquire the skills to identify and manage risks effectively, ensuring that you and your organisation meet regulatory and professional standards.
Upcoming start dates
Suitability - Who should attend?
The course is designed for those looking for professional accreditation.
The programme is suited to professionals moving into or working in financial services (specifically trusts and corporate services), who wish to develop their understanding and knowledge of this area.
To be eligible for this course, you will need to:
- have obtained 60 STEP entry-level credits
OR
- be a member of STEP (visit STEP's Qualifications and Membership Framework to understand how to apply)
Outcome / Qualification etc.
You will:
- Define the concept of a trust and its core principles, based on Scottish law.
- Identify trust parties and explain post-establishment truster rights.
- Differentiate between voluntary and involuntary trusts, inter vivos and mortis causa trusts, public and private trusts, fixed interest and discretionary trusts, bare trusts, and purpose trusts.
- Detail the procedure, trust deed preparation and execution, trustee confirmation, and trust property transfer for voluntary trusts.
- Differentiate between trust income and capital.
- Explain inheritance tax and Finance Act 2006 effects on liferent trusts.
- Describe the nature and advantages of discretionary trusts.
- Analyse trustees' immunity, indemnity clauses, and powers, including dispositive and administrative powers.
- Describe various breaches and their effects, including ultra vires, intra vires, and breaches of fiduciary duty.
- Address issues for advisers acting as trustees and considerations for advice, including money laundering regulations, terms of business, remit, instructions, and technology in trust management.
Course delivery details
This course is available for study all year round, with intakes at different points throughout the year. The core programme is delivered through a blend of distance learning and four virtual workshops as part of a revision week series delivered online.
Enrolment onto this course will include the following:
- bespoke soft copy course manual
- access to the online learning platform containing:
o self-assessment material
o distance learning support
o two days of online tuition
- examination fees
The course is assessed by way of a five-hour open book written examination comprising of multiple-choice questions and three 25-mark essay style questions.
Once you have successfully completed this course, you will gain 30 Diploma-level credits towards STEP membership and be awarded the STEP Advanced Certificate in Trusts: Law and Practice (Scotland).
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CLTI
CLTI provides training and qualifications to professionals working in the private client, wealth management, and investment funds industry across the globe. We are the primary education partner for STEP, the global professional association for practitioners specialising in family inheritance and...