Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to interpret client requirements from a needs analysis and match their needs to relevant products and services by providing advice on estate planning such as trusts, wills, attorneyships, and other legal processes, reconciling any concerns and gaining confirmation. 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 sector. |
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. Develop strategies based on client requirements |
1.1. Relevant details and documentation in relation to a client's estate are obtained and reviewed 1.2. Details in relation to the estate are interpreted, relevant products are researched, and appropriate products are matched to the client needs 1.3. Benefits, risks, taxation requirements and issues for differing circumstances are identified and considered 1.4. Assistance is sought from internal or external sources as required and based on the skills and experience of the adviser 1.5. Types of insurance available for estate planning are identified, if required 1.6. The most appropriate options are chosen and prepared to review with the client |
2. Present strategies and information to clients |
2.1. The nature and purpose of a trust and other products for an estate plan with relevant information and legislative requirements are explained to the client 2.2. Benefits and considerations for beneficiaries are identified and explained accurately to the client 2.3. The use of insurance in estate planning is explained clearly and accurately to the client 2.4. Restrictions relating to family companies are identified and explained to the client, where required 2.5. The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client |
3. Reconcile client concerns and gain confirmation |
3.1. Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed determined 3.2. Associated fee and cost structures are clearly explained to the client and their formal agreement to the proposed plan or transaction gained, if appropriate 3.3. Time frames for execution and process are clearly explained and confirmation of understanding gained from the client |
4. Prepare and document estate plan |
4.1. Estate plan is prepared according to statutory requirements and consistent with client requirements then checked for legal implications and any complications 4.2. Client confirmation of estate plan is obtained and effected as required 4.3. Record keeping and safe storage of documents is undertaken according to organisational and legislative requirements |
5. Prepare ongoing service where requested by client |
5.1. Type and form of ongoing service with fees and costs for specifically defined services clearly explained and confirmation gained from the client 5.2. Ongoing service is provided and reviewed as required |
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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Details and documentation may include: |
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Taxation requirements and issues for differing circumstances may include: |
Taxation issues of an estate plan may include:
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Internal or external sources may include: |
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Types of insurance may include: |
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Estate planning may include: |
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Nature and purpose of a trust may include: |
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Information and legislative requirements may include: |
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Benefits and considerations for beneficiaries may include: |
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The use of insurance may include: |
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Restrictions relating to family companies may include |
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Role and responsibilities of a trustee may involve: |
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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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