Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to administer a complex estate, including proving the will, confirming client instructions, advising beneficiaries, confirming and collecting assets, and ensuring all financial and legal requirements are met. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
This unit applies to job roles in the personal trustee industry. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Initiate the process of accepting the role of executor |
1.1. Factors to accept or renounce administration of the estate are determined and a decision is clarified 1.2. Initial procedures for opening an estate file are undertaken 1.3. Possible risk factors and irregularities in the will are identified and strategies for appropriate action determined 1.4. Urgent matters needing immediate attention that may arise, depending on the complexity of the estate, are dealt with in a timely and professional manner 1.5. If required, factors which increase the risk of litigation are identified and appropriate strategies executed 1.6. Co-executors are advised of options regarding their roles and the estate administration process and the will is proven |
2. Identify, collect and distribute assets |
2.1. Assets and liabilities are identified with assets collected, transmitted or realised as requested 2.2. Liquid assets are deposited in appropriate funds and cash receipted according to legal requirements 2.3. Steps are taken to ensure that property is adequately insured and secured, particularly where conflict may occur 2.4. Arrangements for storage of chattels, and handing over of any bequests are confirmed 2.5. Beneficiaries are advised of Capital Gains Tax (CGT) implications and assets are distributed promptly according to the terms of the will or intestacy laws 2.6. Scheme of Appropriation is prepared and submitted to appropriate persons for approval and all internal audit requirements complied with |
3. Ensure legal and financial requirements are finalised |
3.1. Distributable estate is finalised 3.2. If required, a clearance to Date of Death (DOD) from the Australian Taxation Office (ATO) is confirmed |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Factors to accept or renounce administration of the estate may include: |
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Initial processes for opening an estate file may include: |
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Possible risk factors and irregularities of the will may include: |
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Urgent matters needing immediate attention may include: |
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Factors which increase the risk of litigation may include: |
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Assets may include: |
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Liquid assets may include: |
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Appropriate persons may include: |
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Finalising a distributable estate may include: |
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Unit Sector(s)
Unit sector |
Personal trustee |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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