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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. Create trust file
   • Conduct preliminary reading of trust deed to identify parameters and instructions
   • Create trust file according to organisational requirements
   • Arrange deposit of trust funds
2. Establish trust
   • Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
   • Establish beneficiaries’ profiles and obtain relevant records
3. Provide for ongoing administration of trust
   • Identify relevant dates and record in diary management system
   • Prepare regular statements of accounts and make arrangements for lodgement of tax
   • Respond to applications by beneficiaries for advance of capital or income, managing any conflict that may arise
   • Periodically review assets and investment strategies, and make changes as necessary
4. Establish and administer trust
   • Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
   • Identify relevant dates and record in diary management system
   • 2.3 Process application from beneficiaries for an advance of the trust's capital or income
   • 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
   • Manage conflicts or complaints that may arise as a result of the decision

Performance Evidence

Evidence of the ability to:

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

identify complex matters requiring assistance from specialists

establish and administer a trust with non-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 and complaint 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.

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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

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

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

explain the trust's beneficiaries' personal circumstances considered in establishing their income, capital needs and profiles

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

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

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

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

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