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

FNSPRT502 Mapping and Delivery Guide
Advise clients in estate planning

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT502 - Advise clients in estate planning
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to determine a client's estate planning needs and to provide advice on a straightforward estate plan. It also covers the preparation of relevant documentation.It applies to individuals who are senior level personal trust officers in the personal trustee sector and who have highly developed communication skills and the authority to provide advice.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume and relevant federal, state and territory legislation.
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 advising clients on estate planning

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

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: 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
       
Element: 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
       
Element: 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
       
Element: Prepare and document estate plan
  • Document estate plan according to legal requirements and appropriate organisational policy and procedures
  • Obtain client confirmation of estate plan and execute as required
  • Undertake record keeping and safe storage of documents according to organisational and legislative requirements
       
Element: Provide ongoing service where requested by client
  • Clearly explain and confirm type and form of ongoing service with fees and costs for specifically defined services, and confirm client understands this information
  • Provide ongoing service and review this assistance as required
       
Element: 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
       
Element: 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
       
Element: 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
       
Element: 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
       


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. 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

1.3 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

1.5 Seek assistance, advice or other services from internal or external specialist advisers as required

2. 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

2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified

2.3 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

3. Present the draft estate plan to the client

3.1 Explain to the client the draft estate plan, its structure and objectives

3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation

3.3 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

4. 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

4.2 Finalise the estate plan and any ancillary documentation

4.3 Discuss with the client any changes in the final estate plan

4.4 Arrange for the client to execute the estate plan and any ancillary documentation

Evidence of the ability to:

advise the client on suitable estate plan in compliance with legislative and organisational requirements

accurately prepare estate plan and related documents according to legal, industry and organisational requirements.

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 a range of client needs and circumstances relevant to estate planning

explain key legislation and regulation requirements relating to :

wills

intestacies

attorneyships or guardianships

probate and administration

trusteeships including investment and obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

describe organisational policies and procedures required when providing and documenting estate planning advice

describe the internal and external complaints resolution procedure

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

outline the role, responsibilities and authority of the senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

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

describe the role of, and how and when to contact, key internal and external specialists relating to the personal trustee sector.

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. 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

1.3 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

1.5 Seek assistance, advice or other services from internal or external specialist advisers as required

2. 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

2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified

2.3 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

3. Present the draft estate plan to the client

3.1 Explain to the client the draft estate plan, its structure and objectives

3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation

3.3 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

4. 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

4.2 Finalise the estate plan and any ancillary documentation

4.3 Discuss with the client any changes in the final estate plan

4.4 Arrange for the client to execute the estate plan and any ancillary documentation

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
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 
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 
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 
Document estate plan according to legal requirements and appropriate organisational policy and procedures 
Obtain client confirmation of estate plan and execute as required 
Undertake record keeping and safe storage of documents according to organisational and legislative requirements 
Clearly explain and confirm type and form of ongoing service with fees and costs for specifically defined services, and confirm client understands this information 
Provide ongoing service and review this assistance as required 
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 
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 
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 
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 

Forms

Assessment Cover Sheet

FNSPRT502 - Advise clients in estate planning
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I declare that the assessment tasks submitted for this unit are my own work.

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Assessment Record Sheet

FNSPRT502 - Advise clients in estate planning

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

(add lines for each task)

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Overall assessment result: Competent Not yet competent

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