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. 

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

Skill 

Performance 

Criteria 

Description 

Reading

1.1, 1.4, 2.1

• Analyses and consolidates information and data from a range of sources against defined criteria and requirements and checks for accuracy and completeness

Writing

1.4, 1.5, 2.2, 2.3, 2.6, 3.1, 3.4

• Accurately records and completes organisational and statutory documents and correspondence using clear language and correct spelling, grammar and terminology

Oral Communication

1.2, 2.2

• Articulates clearly using vocabulary suitable to audience to convey or request information
• Uses listening and questioning techniques to confirm understanding

Numeracy

1.3, 2.1, 2.2, 2.3, 2.5, 2.6, 3.1–3.4

• Performs mathematical calculations to analyse financial information, costs and values to accurately process assets and liabilities

Navigate the world of work

1.1, 2.5, 2.6

• Complies with explicit policies and procedures
• Explores and implements, where identified, the implicit expectations of policies and procedures

Interact with others

1.2, 2.3, 3.1

• Identifies and takes steps to follow accepted communication practices and protocols
• Uses a limited range of accepted practices for communicating in a work environment

Get the work done

1.1, 2.4–2.6, 3.2

• Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities
• Makes low impact decisions within familiar situations based on a range of predefined or routine solutions
• Uses digital systems and technologies to access, store and share 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

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.