Shanghai Financial Hub Lujiazui Partners with UK STEP to Develop Wealth & Family Trusts in China
5th March 2022 | Hong Kong
Shanghai financial hub Lujiazui has partnered with UK STEP (Society of Trust and Estate Practitioners) to develop wealth & family trusts in China. STEP is an an international professional body of advisers including lawyers, accountants and trustees, who specialize in family trusts and inheritance succession planning. According to the agreement, Lujiazui financial hub will provide policy support and assistance to those that conduct business and STEP will introduce partner institutions. Lujiazui financial hub (equivalent to New York Wall Street) is home to 112 foreign asset management firms, representing 90% of foreign asset management firms in China (Mainland).
“ Shanghai Financial Hub Lujiazui Partners with UK STEP to Develop Wealth & Family Trusts in China “
About STEP (Society of Trust and Estate Practitioners)
STEP is the global professional association for practitioners who specialise in family inheritance and succession planning. STEP works to improve public understanding of the issues families face in this area and promotes education and high professional standards among its members. STEP members help families plan for their futures, from drafting wills to issues surrounding international families, protection of the vulnerable, family businesses and philanthropic giving. Full STEP members, known as TEPs, are internationally recognised as experts in their field, with proven qualifications and experience. The organisation, whose 20,000-plus global membership comprises lawyers, accountants, trustees and others who help families plan for their futures.
STEP History & Development
STEP was founded in Baker Street, London, in July 1991. STEP held its inaugural meeting, which appointed the first Council, in Baker Street, London, on 4 July 1991. The organisation was registered as a Private Limited Company on 25 July that year.
One of STEP’s early achievements was the development of a set of clear, non-technical clauses for practitioners to include in wills they prepare (the STEP Standard Provisions), which were quickly adopted into England and Wales law and are now the industry norm. In the decades since, STEP has evolved continuously to meet the needs of its members and the families they advise in the face of rapid social, technological, financial and familial changes. From digitalisation and globalisation to increasing longevity and complex family structures, STEP works to ensure its members are positioned to provide the highest standards of advice to their clients as they plan their financial futures. Today, STEP has members in over 100 countries and remains at the cutting edge of the latest public policy changes in wills, trusts and tax, from leading the charge on inheritance tax reform in the UK parliament to playing an instrumental role in changing the law in 2020 to enable the digital witnessing of wills via video call during COVID-19 lockdowns.
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