This unit applies to job roles in the personal trustee industry.
Not applicable
1. Establish the trust file | 1.1. Preliminary reading of the trust establishment document to identify parameters and instructions is conducted 1.2. The trust file is created according to organisational requirements 1.3. Deposit of trust funds is arranged |
2. Provide for the ongoing management of the trust | 2.1. A diary system is established to efficiently identify relevant dates 2.2. Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared 2.3. Beneficiaries' profiles are established and relevant records obtained 2.4. Regular statements of accounts are prepared and arrangement made for lodgement of tax 2.5. Applications by beneficiaries for advance of capital or income are responded to 2.6. Assets and investment strategies are reviewed periodically and appropriate changes made |
Required skills |
communication skills to: determine and confirm work and client requirements, using questioning and active listening as required provide customer service liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences research and analysis skills for accessing, interpreting and managing information IT skills for accessing and using appropriate systems and databases and using internet information numeracy skills to make calculations and interpret and prepare financial statements literacy skills to: read and interpret documentation from a variety of sources prepare documentation record, consolidate and file information administrative and organisational skills, including the ability to plan and sequence work |
Required knowledge |
relevant State and Territory legislation and regulations relating to: wills trusteeships investment of trust assets basic business law for financial institutions including: statutory charges, taxes and other fees applicable to financial institutions legal parameters of the customer or financial institution relationship roles, responsibilities and powers of the personal trustee officer including: ethics integrity professionalism confidentiality how to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry organisational policies and procedures required in the full range of tasks covered products and services offered by the organisation and fees attached |
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: assist clients in administering non-completed trusts prepare and interpret simple financial statements apply basic investigation skills such as genealogical research. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to the internet for searches. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Organisational requirements may include: | professional code of conduct in the personal trustee industry including: applying ethical principles integrity professional attitude maintaining confidentiality meeting timelines. |
Relevant dates may include: | dates for regular payments, such as: beneficiaries' vesting dates inspection dates insurance. |
Beneficiaries' profiles may include: | recording of ages the nature of the trust: minor beneficiaries life tenancy. |
Personal trustee
This unit contains employability skills.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.