Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSPRT302 Mapping and Delivery Guide
Administer a non-complex estate

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSPRT302 - Administer a non-complex estate
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to apply for administration, identify assets, liabilities and beneficiaries to distribute and finalise a non-complex estate.It applies to individuals who are proficient administrators in the personal trustee sector. They may locate beneficiaries, identify estate assets and liabilities and prepare tax returns and simple financial statements to distribute and finalise the estate.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering an estate

organisational reference materials such as policies, procedures, manuals and checklists

the internet for searches.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Apply for probate
  • 1.1 On being notified of client's death review client file, including will, to establish parameters and instructions previously given
  • Obtain identification of formal administration of estate, where required
  • Confirm existence and value of assets specifically dealt with in will
  • Confirm existence of beneficiaries specifically dealt with in will
  • Prepare and publish notice of intention to apply for probate, if required
  • Prepare and complete all relevant probate documents
       
Element: Confirm assets, liabilities and beneficiaries
  • Seek creditors through statutory advertising notices and prepare accurate statements of assets and liabilities
  • Locate all beneficiaries and establish their identity
  • Collect and deposit liquid assets into appropriate funds with cash receipted, when necessary, according to organisational requirements
  • Pay all creditors and administration costs
  • Prepare and approve a schedule of beneficiaries and their entitlements
       
Element: Distribute and finalise estate
  • Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required
  • Calculate and charge corpus commission and determine final fees and charges
  • Prepare and send all final distribution cheques and final statements to beneficiaries
       
Element: Initiate estate administration process
  • Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters
  • Advise relevant parties on the role of executor and the estate administration process including the types of administration
  • 1.3 Confirm existence of estate's assets and beneficiaries
  • Prepare and lodge application to prove the will and obtain administration
  • Record authority, on receipt, to commence administration
       
Element: Identify estate assets, liabilities and beneficiaries
  • Obtain valuation of estate assets and liabilities
  • Prepare statements of assets and liabilities on organisational 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 and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements
  • Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Initiate estate administration process

1.1 Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters

1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration

1.3 Confirm existence of estate's assets and beneficiaries

1.4 Prepare and lodge application to prove the will and obtain administration

1.5 Record authority, on receipt, to commence administration

2. Identify estate assets, liabilities and beneficiaries

2.1 Obtain valuation of estate assets and liabilities

2.2 Prepare statements of assets and liabilities on organisational record keeping system

2.3 Prepare a tax return to date of death seeking assistance from specialists as necessary

2.4 Locate all beneficiaries and establish their identity

2.5 Collect and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements

2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval

3. Distribute and finalise estate

3.1 Prepare a trustee tax return where required seeking assistance from specialists as necessary

3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions

3.3 Calculate and deduct corpus commission, fees and charges that apply

3.4 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

Evidence of the following must be provided:

conduct research to prove the will and confirm existence of 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 an estate

prepare financial and tax documentation for the administration of an estate.

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

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

probate and administration

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 processes required to prove a will and to administer the estate

identify complex estate issues 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

outline the professional code of conduct, where applicable, in the personal trustee sector

describe organisational policies and procedures relevant to administering a non-complex estate

outline products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and powers of the personal trust officer including limitation of giving investment advice

identify the role of, and how and when to contact, internal or external specialists relating to 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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Initiate estate administration process

1.1 Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters

1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration

1.3 Confirm existence of estate's assets and beneficiaries

1.4 Prepare and lodge application to prove the will and obtain administration

1.5 Record authority, on receipt, to commence administration

2. Identify estate assets, liabilities and beneficiaries

2.1 Obtain valuation of estate assets and liabilities

2.2 Prepare statements of assets and liabilities on organisational record keeping system

2.3 Prepare a tax return to date of death seeking assistance from specialists as necessary

2.4 Locate all beneficiaries and establish their identity

2.5 Collect and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements

2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval

3. Distribute and finalise estate

3.1 Prepare a trustee tax return where required seeking assistance from specialists as necessary

3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions

3.3 Calculate and deduct corpus commission, fees and charges that apply

3.4 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
1.1 On being notified of client's death review client file, including will, to establish parameters and instructions previously given 
Obtain identification of formal administration of estate, where required 
Confirm existence and value of assets specifically dealt with in will 
Confirm existence of beneficiaries specifically dealt with in will 
Prepare and publish notice of intention to apply for probate, if required 
Prepare and complete all relevant probate documents 
Seek creditors through statutory advertising notices and prepare accurate statements of assets and liabilities 
Locate all beneficiaries and establish their identity 
Collect and deposit liquid assets into appropriate funds with cash receipted, when necessary, according to organisational requirements 
Pay all creditors and administration costs 
Prepare and approve a schedule of beneficiaries and their entitlements 
Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required 
Calculate and charge corpus commission and determine final fees and charges 
Prepare and send all final distribution cheques and final statements to beneficiaries 
Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters 
Advise relevant parties on the role of executor and the estate administration process including the types of administration 
1.3 Confirm existence of estate's assets and beneficiaries 
Prepare and lodge application to prove the will and obtain administration 
Record authority, on receipt, to commence administration 
Obtain valuation of estate assets and liabilities 
Prepare statements of assets and liabilities on organisational 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 and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements 
Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval 

Forms

Assessment Cover Sheet

FNSPRT302 - Administer a non-complex estate
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSPRT302 - Administer a non-complex estate

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: