Assessment Requirements for FNSPRT302 Administer a non-complex estate

Release: 2

Assessment Requirements for FNSPRT302 Administer a non-complex estate

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.

Performance Evidence

Evidence of the following must be provided:

conduct research to prove the will and confirm existence of estate’s assets, liabilities and beneficiaries according to legislative and organisational requirements

locate beneficiaries and calculate their entitlements according to legislative and organisational requirements

prepare documentation to apply for administration of an estate

prepare financial and tax documentation for the administration of an estate.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe the key legislative requirements of federal, state and territory legislation and regulations relating to:

wills

intestate succession

probate and administration

trusteeships including investment obligations of the trustees

preparing an application for administration

taxation and tax obligations as they relate to the administration of estates and trusts

outline the role, responsibilities and authority of an executor

describe the processes required to prove a will and to administer the estate

identify complex estate issues including:

conflict between beneficiaries

capital gains tax

complex assets due to volume, physical location and type

complex beneficiaries due to volume, physical location and potential bankrupt status and other vulnerabilities

outline the professional code of conduct, where applicable, in the personal trustee sector

describe organisational policies and procedures relevant to administering a non-complex estate

outline products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and powers of the personal trust officer including limitation of giving investment advice

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

establish potential estate liabilities including:

claims on the estate

fees and charges and other administration expenses

debts of the deceased

final tax return obligations of the deceased.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering an estate

organisational reference materials such as policies, procedures, manuals and checklists

the internet for searches.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe