Assessor Resource

FNSPRT404
Administer a trust dealing with complex matters

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to establish and administer a trust with complex matters and manage and monitor the trust's assets.

It applies to individuals who are senior level personal trust officers in the personal trustee sector and have highly developed communication and financial management skills. They are also able to administer trusts that have complex matters in regards to the trust's assets and beneficiaries.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

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. Create trust file

1.1 Undertake preliminary reading of trust instrument to identify parameters, instructions and complex matters to administer

1.2 Arrange services of specialists and other resources to assist with management of complex matters as required

1.3 Create trust file according to legislative and organisational requirements

1.4 Arrange deposit of trust funds and transfer of assets

1.5 Establish beneficiary profiles and obtain relevant records

2. Establish and administer trust

2.1 Identify income and capital needs of beneficiaries and prepare an investment strategy

2.2 Identify relevant dates and record in diary management system

2.3 Process applications from beneficiaries for an advance of the trust's capital or income

2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties

2.5 Manage conflicts or complaints that may arise as a result of the decision

2.6 Invest trust assets appropriately to satisfy the investment strategy obligations of a trustee

3. Evaluate and review trust performance

3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries

3.2.Report performance to appropriate persons and advise if changes to trust are required

3.3 Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply

3.4 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary

Evidence of the ability to:

interpret a trust instrument and create a trust file that identifies parameters, instructions and relevant funds and assets

establish and administer a trust with complex matters according to legislative and organisational requirements

prepare and interpret financial statements and tax documentation relating to the administration of the trust

apply conflict resolution skills to manage beneficiaries' expectations

assess and monitor the appropriateness of the trust's assets in meeting beneficiaries' needs.

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

attorneyships or guardianships

probate and administration

trusteeships including investment obligations of the trustees

investment of trust assets

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

identify and manage complex matters for a trust including:

physical location and maintenance of assets

competing needs of beneficiaries

investment strategy

volume and type of assets

level of detail in tax documentation

number of requests from beneficiaries

explain the factors considered to establish the trust's beneficiaries' income, and capital needs and profiles

describe organisational policies and procedures required when administering and monitoring a trust with complex matters, including conflict and complaint resolution

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

outline the role, responsibilities and powers of the senior personal trust officer including o:

organisational expectations and limitation of personal authority in giving investment advice

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

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

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 a trust

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

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


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Create trust file

1.1 Undertake preliminary reading of trust instrument to identify parameters, instructions and complex matters to administer

1.2 Arrange services of specialists and other resources to assist with management of complex matters as required

1.3 Create trust file according to legislative and organisational requirements

1.4 Arrange deposit of trust funds and transfer of assets

1.5 Establish beneficiary profiles and obtain relevant records

2. Establish and administer trust

2.1 Identify income and capital needs of beneficiaries and prepare an investment strategy

2.2 Identify relevant dates and record in diary management system

2.3 Process applications from beneficiaries for an advance of the trust's capital or income

2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties

2.5 Manage conflicts or complaints that may arise as a result of the decision

2.6 Invest trust assets appropriately to satisfy the investment strategy obligations of a trustee

3. Evaluate and review trust performance

3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries

3.2.Report performance to appropriate persons and advise if changes to trust are required

3.3 Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply

3.4 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary

Evidence of the ability to:

interpret a trust instrument and create a trust file that identifies parameters, instructions and relevant funds and assets

establish and administer a trust with complex matters according to legislative and organisational requirements

prepare and interpret financial statements and tax documentation relating to the administration of the trust

apply conflict resolution skills to manage beneficiaries' expectations

assess and monitor the appropriateness of the trust's assets in meeting beneficiaries' needs.

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

attorneyships or guardianships

probate and administration

trusteeships including investment obligations of the trustees

investment of trust assets

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

identify and manage complex matters for a trust including:

physical location and maintenance of assets

competing needs of beneficiaries

investment strategy

volume and type of assets

level of detail in tax documentation

number of requests from beneficiaries

explain the factors considered to establish the trust's beneficiaries' income, and capital needs and profiles

describe organisational policies and procedures required when administering and monitoring a trust with complex matters, including conflict and complaint resolution

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

outline the role, responsibilities and powers of the senior personal trust officer including o:

organisational expectations and limitation of personal authority in giving investment advice

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

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

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 a trust

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

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Undertake preliminary reading of trust deed to identify complex issues or needs, parameters and instructions 
Arrange services of specialists and other resources to assist with management of complex issues or needs, as required 
Create trust file according to legislative and organisational requirements 
Arrange deposit of trust funds 
Identify income and capital needs of beneficiaries 
Establish beneficiary profiles and obtain relevant records 
Establish and prepare appropriate tools to manage trust, to meet needs of beneficiaries 
Respond to all concerned parties on receipt of applications by beneficiaries for advance of capital or income, using conflict resolution skills if necessary 
Ensure trust assets are invested appropriately and satisfy investment obligations of trustee 
3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries 
Report performance to appropriate persons and advise if changes to trust are required 
Provide ongoing management of trust and deal with additional considerations in timely and professional manner 
Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply 
Prepare and lodge a trustee tax return seeking assistance from specialists as necessary 

Forms

Assessment Cover Sheet

FNSPRT404 - Administer a trust dealing with complex matters
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

FNSPRT404 - Administer a trust dealing with complex matters

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: