This unit applies to job roles in the personal trustee sector.

ELEMENT

PERFORMANCE CRITERIA

1. Advise client on the nature of wills

1.1. Legislative requirements related to testamentary instructions and other relevant information are presented to and clarified with the client

1.2. Client questions are answered accurately, completely and in appropriate language

1.3. Accurate information, ethical advice and recommendations about suitable options are discussed with client

1.4. Potential conflicts or factors which may affect the validity of legal matters, are identified and strategies for appropriate action are clearly communicated and liaison undertaken with the client's other professional advisers if necessary

2. Take testamentary instructions from client

2.1. An appropriate location for taking instructions from the client is selected and the client's testamentary capacity is accurately and appropriately assessed or confirmed with a legal or medical opinion obtained if required

2.2. Client instructions are accurately recorded in accordance with organisational policy

2.3. Essential details about client are established and their instructions clarified and confirmed

3. Prepare and execute documents

3.1. Drafts of the will are prepared according to statutory requirements and consistent with client's instructions and essential obligations

3.2. The will is checked for legal implications and complications and the client's verification of the will obtained

3.3. Execution of the will is arranged and correct execution is confirmed

3.4. Record keeping and safe storage of the will is organised according to organisational requirements

4. Review the will

4.1. Process for reviewing the will is organised according to organisational requirements and client instructions and is carried out with client as agreed

4.2. Communication is maintained with client's professional advisers if required

Required skills

well-developed communication skills to:

determine and confirm work and client requirements, using questioning and active listening as required

provide customer service and deal sensitively with clients

resolve conflicts

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 financial reports

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

teamwork skills to achieve organisational goals

Required knowledge

relevant State and Territory legislation and regulation relating to:

wills

intestacies

probate and administration

trustees

Commonwealth legislation and regulations including:

Income Tax Assessment Act

business law for financial institutions including:

guidelines and procedures to ensure that legal requirements are met

correct legal terminology and phrases

statutory charges, taxes and other fees applicable to financial institutions

legal parameters of the customer/financial institution relationship

organisational policies and procedures required in the full range of tasks covered

products and services offered by the organisation and fees attached

roles, responsibilities and powers of the personal trust officer including:

organisational expectations

limitation of personal authority (e.g. not giving investment advice)

professional code of conduct in the personal trustee industry including:

ethical practices

integrity

professionalism

confidentiality

techniques for contacting key organisational personnel with expertise in specialised areas relating to the personal trustee industry

the types of tests applied to establish a client's capacity to make a valid will

roles of external specialists and accessing resources relevant to requirements in the personal trustee industry

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:

undertake appropriate and relevant tasks associated with preparing a will

provide customer service strategies that allow for customer needs to be assessed and responded to

present factual information in the workplace and in relating to clients and their representatives.

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 appropriate legislation and regulations relevant to preparing a will, workplace manuals and reference material such as company policy, procedural manuals and checklists.

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

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

setting and reviewing simulations or scenarios

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.

Legislative requirements may include:

State and Territory legislation and regulation relating to:

wills

intestacies

attorneyships and guardianships

partnerships

Commonwealth legislation and regulations including:

Income Tax Assessment Act.

Relevant information may include:

contact for further taxation advice

fees to be charged

legislative requirements

organisational policies and procedures

ownership changes to minimise Capital Gains Tax (CGT)

recommendations about options

roles and responsibilities of parties involved in making a will such as:

solicitors

client

personal trust officer

taxation issues.

Factors which may affect the validity of legal matters may include:

destruction of a will

divorce

marriage

revocation by a later will

testamentary capacity

undue influence.

An appropriate location may include:

premises of the trust corporation

premises of the client or their representative

other agreed location (e.g. hospital).

Essential details concerning the client may include:

appointment of executor

custody and guardianship of minor children

debts

details concerning assets and liabilities

details of beneficiaries':

names

location

relationship to testator

directions as to the disposal of body

grant of further powers

personal details

residuary clause.

Statutory requirements may include:

the appointment of an executor

the attestation

the body

the revocation of previous wills

the testimonium.

Essential obligations may include:

directions as to the disposal of the body

payment of debts

taxation implications on death and the transfer of assets, including CGT.

Unit sector

Personal trustee

This unit contains employability skills.