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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
   • 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
2. Establish and administer trust
   • 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. Evaluate and review trust performance
   • 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
4. Report performance to appropriate persons and advise if changes to trust are required
   • 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

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

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.

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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

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.

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