Google Links

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

Elements and Performance Criteria

1. Identify the regulatory requirements and key principles of traditional trustee services
   • Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation
   • Identify the roles and requirements of relevant regulators and the ombudsman
   • Analyse the role of a substitute decision-maker and discretionary decision-making
   • Identify and consider relevant common law principles
2. Determine the provision of traditional trustee services
   • Analyse the various functions performed within traditional trustee services
   • Identify and explain fee charging, statutory caps and disclosure for various clients
   • Analyse and interpret the contents of governing and founding instruments
   • Evaluate and discuss investment outcomes appropriate to client circumstances and term
   • Use client relationship management and asset management systems when delivering traditional trustee services
3. Meet ongoing obligations of providing traditional trustee services
   • Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary
   • Apply conditions of the prudent person principle
   • Identify and maintain ongoing taxation obligations
   • Identify and implement asset protection strategies
   • Maintain accurate accounts and records

Performance Evidence

Evidence of the ability to:

explain the regulatory and key principle requirements of providing traditional trustee services

explain the range of traditional trustee services to a client in a suitable manner

maintain knowledge and application of the ongoing obligations of providing traditional trustee services.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

---

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain elements of the key regulatory requirements of traditional trustee services a trustee organisation provides including:

trustee acts for each state and territory

licensing regime that authorises the provision of advice

prudent person principle such as diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

describe client circumstances relevant to determining investment outcomes including:

required rate of return

stability of income

mental capacity

phase of life

concerns of capital protection

describe traditional trustee services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

explain the different governing and founding instruments including:

will

power of attorney

trust deed

court order.

---