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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. Initiate estate administration process
   • Undertake initial procedures for opening estate file
   • Identify possible risk factors and irregularities in will and employ appropriate strategies
   • Ensure that urgent matters are dealt with in timely and professional manner
   • Advise co-executors, where they exist, about options regarding their role and estate administration process
   • Undertake process to prove will
2. Identify, collect and distribute assets
   • Identify assets and liabilities, and ensure assets are collected, transmitted or realised as requested
   • Deposit liquid assets in appropriate funds and receipt cash according to legal requirements, when necessary
   • Take steps to ensure that property is adequately insured and secured, particularly where conflict may occur
   • Confirm arrangements for storage of chattels and handing over of any bequests
   • Advise beneficiaries of capital gains tax (CGT) implications and promptly distribute assets according to terms of will
   • Prepare and submit Scheme of Appropriation to appropriate persons for approval and comply with all internal audit requirements
3. Ensure legal and financial requirements are finalised
   • Ensure distributed estate is finalised
   • Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required
4. Identify estate assets, liabilities and beneficiaries
   • 2.1 Obtain valuation of estate's assets and liabilities
   • 2.2 Prepare statements of assets and liabilities on organisation's 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, manage and secure assets and liquid assets according to organisational and legislative requirements
   • Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval
5. Distribute and finalise estate
   • Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary
   • 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions
   • Prepare and lodge a trustee tax return seeking assistance from specialists as necessary
   • Calculate and deduct corpus commission, fees and charges that apply
   • Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

Performance Evidence

Evidence of the ability to:

identify and manage complex matters, possible risk factors and irregularities in administering an estate

conduct research to prove the will and confirm existence of a complex 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 a complex estate

prepare financial and tax documentation, including capital gains tax, for the administration of a complex 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 regulation relating to:

wills

probate and administration

intestate succession

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 process to prove a will

discuss the risk factors and irregularities in the will which increase the chance of litigation including:

family maintenance provisions

validity of the will

informal will

identify and manage complex estate matters 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

describe organisational policies and procedures required in administering a complex estate, including conflict and complaint resolution

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

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

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

outline the professional code of conduct, where applicable, in 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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