List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
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 |
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.
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 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.