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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. 1. Identify the type of client and the client's needs, interests and rights
   • Confirm whether the client is a beneficiary, minor beneficiary or represented person
   • Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client
   • Identify broader ethical issues associated with the delivery of traditional trustee company services to the client
2. Apply legal and ethical principles to fiduciary duty and decision-making
   • Identify the legal requirements necessary to discharge a fiduciary duty, to act as a substituted decision-maker and to act ethically
   • 2.2 Make decisions in relation to the client which meet the client's needs, are in the client's best interest and uphold the client's rights
   • Support and encourage clients to exercise their rights without compromising their safety and that of others
   • 2.4 Inform other relevant stakeholders of the client's needs, interests and rights
3. Maintain a working knowledge of trustee fiduciary duties and substituted decision-making and ethical principles
   • Access relevant legal and organisational sources to ensure current knowledge of fiduciary duty, substituted decision-making and ethical principles
   • Modify any client services, processes and procedures where necessary to comply with current fiduciary duty, substituted decision-making and ethical principles
4. Identify the type of client and the client's needs, interests and rights
   • Confirm whether the client is a beneficiary, minor beneficiary or represented person
   • Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client
   • Identify broader ethical issues associated with the delivery of traditional trustee company services to the client

Performance Evidence

Evidence of the ability to:

identify the relevant fiduciary duty, substituted decision-making and ethical decision-making principles, and associated legislative requirements when providing traditional trustee services to a client

apply fiduciary duty, substituted decision-making and ethical decision-making principles and associated legislative requirements to make decisions for a client and explain to the client or other relevant stakeholder, how that decision meets the client's needs and interests and upholds their rights

use systems to maintain knowledge of fiduciary duty, substituted decision-making and ethical decision-making principles and associated legislative requirements.

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:

explain key elements of the legislative requirements, including common law, that apply when providing traditional trustee services to clients including:

fiduciary duty

substituted judgement

ethics and equity

explain key elements of the prudent person principles including:

diversification

investment risks including losing capital or income

capital maintenance

capital depreciation

capital appreciation

estimated income return

liquidity and marketability of the proposed investment

aggregate value of estate in trust

describe client needs, interests and rights relevant to the requirements of fiduciary duty, substituted decision-making and ethical decision-making principles including:

physical and emotional security

support and care

economic support

household assistance and maintenance

possessions

bank accounts

accommodation

facilities

services available and desired

recreational pursuits

participation or non-participation to the degree desired

receive or refuse quality services

human rights including the right to freedom from discrimination

describe traditional trustee company products and 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

discuss key sources of information on fiduciary duty, substituted judgement and ethics and equity principles and associated legislative requirements including:

courts

existing or proposed trust deeds

industry bodies

relevant federal, state and territory government organisations

organisational policies and procedures.

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