Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version first released with FNS Financial Services Training Package Version 2.0. |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to determine a client's estate planning needs and to provide advice on a straightforward estate plan. It also covers the preparation of relevant documentation.
It applies to individuals who are senior level personal trust officers in the personal trustee sector and who have highly developed communication skills and the authority to provide advice.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume and relevant federal, state and territory legislation.
Unit Sector
Personal trustee
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Confirm client estate planning requirements with client |
1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs 1.2 Identify aspects of the client's situation that require special attention within the estate plan 1.3 Discuss and confirm with the client the fees and cost structure for the estate plan 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan 1.5 Seek assistance, advice or other services from internal or external specialist advisers as required |
2. Prepare draft estate plan and ancillary documents |
2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations 2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified 2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider |
3. Present the draft estate plan to the client |
3.1 Explain to the client the draft estate plan, its structure and objectives 3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation 3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan 3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation |
4. Finalise the estate plan and ancillary documents |
4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan 4.2 Finalise the estate plan and any ancillary documentation 4.3 Discuss with the client any changes in the final estate plan 4.4 Arrange for the client to execute the estate plan and any ancillary documentation |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.2, 1.4, 2.1, 2.2 |
|
Writing |
2.3, 4.1, 4.2 |
|
Oral Communication |
1.1, 1.3, 3.1–3.4, 4.3 |
|
Numeracy |
1.1, 1.3, 2.2 |
|
Navigate the world of work |
1.3–1.5, 2.3, 4.2, 4.4 |
|
Interact with others |
1.1, 1.3, 1.5, 3.1–3.4, 4.3 |
|
Get the work done |
1.1,1.2, 2.2, 3.4, 4.1, 4.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSPRT502 Advise clients in estate planning |
FNSPRT502 Advise clients in estate planning |
Element 1 split and rewritten and re-ordered performance criteria to clarify intent of unit. |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe