Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Apply for probate

1.1 On being notified of client's death review client file, including will, to establish parameters and instructions previously given

1.2 Obtain identification of formal administration of estate, where required

1.3 Confirm existence and value of assets specifically dealt with in will

1.4 Confirm existence of beneficiaries specifically dealt with in will

1.5 Prepare and publish notice of intention to apply for probate, if required

1.6 Prepare and complete all relevant probate documents

2. Confirm assets, liabilities and beneficiaries

2.1 Seek creditors through statutory advertising notices and prepare accurate statements of assets and liabilities

2.2 Locate all beneficiaries and establish their identity

2.3 Collect and deposit liquid assets into appropriate funds with cash receipted, when necessary, according to organisational requirements

2.4 Pay all creditors and administration costs

2.5 Prepare and approve a schedule of beneficiaries and their entitlements

3. Distribute and finalise estate

3.1 Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required

3.2 Calculate and charge corpus commission and determine final fees and charges

3.3 Prepare and send all final distribution cheques and final statements to beneficiaries

Skill 

Performance Criteria 

Description 

Reading

1.1-1.6, 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

1.5, 1.6, 2.1, 2.5, 3.3

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

Oral Communication

1.4

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

Numeracy

2.3, 2.4, 3.2, 3.3

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

Navigate the world of work

2.3, 3.1

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

Interact with others

2.2

• 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

2.2, 2.4, 2.5

• 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 1

This version first released with FNS Financial Services Training Package Version 1.0.