Elements and Performance Criteria
- Confirm client estate planning requirements and develop estate planning strategies
- Obtain and review client’s estate details and documentation
- Interpret estate details and confirm client’s estate planning requirements and differing circumstances
- Identify relevant legal and procedural issues for consideration and action in accordance with legislative requirements, and organisational policy and procedures
- Seek assistance from internal or external specialist advisers, as required
- Research relevant products and services so client requirements can be met
- Identify and consider benefits, risks, taxation requirements and issues for differing circumstances considered
- Document most appropriate strategies for client to review and consider
- Present strategies and information to clients
- Explain to client nature and purpose of products and services documented as appropriate strategies, with relevant information and legislative requirements made explicit to client
- Identify and explain to client different types of estate benefits and considerations for beneficiaries
- Clearly and accurately explain role and responsibilities of all parties involved in distribution and ongoing management of estate in language appropriate to client
- Address client concerns
- Discuss and clarify any concerns client has about advice and recommendations provided, and determine how client wishes to proceed
- Explain any associated fee and cost structures to client and obtain formal agreement to proceed
- Explain expected execution and process timeframes, and confirm client understanding
- Prepare and document estate plan
- Provide ongoing service where requested by client
- Confirm client estate planning requirements with client
- 1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs
- 1.2 Identify aspects of the client's situation that require special attention within the estate plan
- Discuss and confirm with the client the fees and cost structure for the estate plan
- 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan
- Seek assistance, advice or other services from internal or external specialist advisers as required
- Prepare draft estate plan and ancillary documents
- 2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations
- Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified
- Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider
- Present the draft estate plan to the client
- Explain to the client the draft estate plan, its structure and objectives
- Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation
- Explain to the client what the client will need to do to finalise and implement the draft estate plan
- 3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation
- Finalise the estate plan and ancillary documents
- 4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan
- Finalise the estate plan and any ancillary documentation
- Discuss with the client any changes in the final estate plan
- Arrange for the client to execute the estate plan and any ancillary documentation