Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version released with FNS Financial Services Training Package Version 2.0. Rewritten, merged and clarified performance criteria. |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. Updated to meet Standards for Training Packages. Rewritten, merged and clarified performance criteria. |
Application
This unit describes the skills and knowledge required to apply for administration, identify assets, liabilities and beneficiaries to distribute and finalise a non-complex estate.
It applies to individuals who are proficient administrators in the personal trustee sector. They may locate beneficiaries, identify estate assets and liabilities and prepare tax returns and simple financial statements to distribute and finalise the estate.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
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. Initiate estate administration process |
1.1 Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters 1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration 1.3 Confirm existence of estate's assets and beneficiaries 1.4 Prepare and lodge application to prove the will and obtain administration 1.5 Record authority, on receipt, to commence administration |
2. Identify estate assets, liabilities and beneficiaries |
2.1 Obtain valuation of estate assets and liabilities 2.2 Prepare statements of assets and liabilities on organisational record keeping system 2.3 Prepare a tax return to date of death seeking assistance from specialists as necessary 2.4 Locate all beneficiaries and establish their identity 2.5 Collect and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements 2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval |
3. Distribute and finalise estate |
3.1 Prepare a trustee tax return where required seeking assistance from specialists as necessary 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions 3.3 Calculate and deduct corpus commission, fees and charges that apply 3.4 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries |
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 |
1.1, 1.4, 2.1 |
|
Writing |
1.4, 1.5, 2.2, 2.3, 2.6, 3.1, 3.4 |
|
Oral Communication |
1.2, 2.2 |
|
Numeracy |
1.3, 2.1, 2.2, 2.3, 2.5, 2.6, 3.1–3.4 |
|
Navigate the world of work |
1.1, 2.5, 2.6 |
|
Interact with others |
1.2, 2.3, 3.1 |
|
Get the work done |
1.1, 2.4–2.6, 3.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence Status |
FNSPRT302 Administer a non-complex estate |
FNSPRT302A - Administer a non-complex estate |
Updated to meet Standards for Training Packages. Rewritten, merged and clarified performance criteria. |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe