STEP have of course updated their standard and special administrative provisions to 3rd edition. The STEP guidance sets out how one goes about updating existing Trusts which incorporate older editions of the provisions. It appears straightforward for Trust documents incorporation STEP 2nd edition (Provision 13 allows the provisions to be updated to STEP 3rd edition), but much more difficult for those incorporating 1st edition (requires consent of all beneficiaries or consent of the court).
Can anyone guide me on the potential exposure should we as professional Trustees continue to act under a Trust instrument incorporating STEP 1st edition. I am aware that there might be a potential issue on fees (STEP 1st edition might limit fees to those rates agreed at the outset). Is this the case? If so, how would it apply where, say, we came in as professional Trustee to an existing Trust document fairly recently and our current fees have been agreed.
If I have the wrong end of the stick and am worrying unnecessarily, I would be pleased to be told that!
Thank you.