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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

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
   • Obtain identification of formal administration of estate, where required
   • Confirm existence and value of assets specifically dealt with in will
   • Confirm existence of beneficiaries specifically dealt with in will
   • Prepare and publish notice of intention to apply for probate, if required
   • Prepare and complete all relevant probate documents
2. Confirm assets, liabilities and beneficiaries
   • Seek creditors through statutory advertising notices and prepare accurate statements of assets and liabilities
   • Locate all beneficiaries and establish their identity
   • Collect and deposit liquid assets into appropriate funds with cash receipted, when necessary, according to organisational requirements
   • Pay all creditors and administration costs
   • Prepare and approve a schedule of beneficiaries and their entitlements
3. Distribute and finalise estate
   • Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required
   • Calculate and charge corpus commission and determine final fees and charges
   • Prepare and send all final distribution cheques and final statements to beneficiaries
4. Initiate estate administration process
   • Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters
   • 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
   • Prepare and lodge application to prove the will and obtain administration
   • Record authority, on receipt, to commence administration
5. Identify estate assets, liabilities and beneficiaries
   • Obtain valuation of estate assets and liabilities
   • Prepare statements of assets and liabilities on organisational record keeping system
   • Prepare a tax return to date of death seeking assistance from specialists as necessary
   • Locate all beneficiaries and establish their identity
   • Collect and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements
   • Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval

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.

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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.

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