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

ELEMENT

PERFORMANCE CRITERIA

1. Initiate the process of accepting the role of executor

1.1. Factors to accept or renounce administration of the estate are determined and a decision is clarified

1.2. Initial proceduresfor opening an estate file are undertaken

1.3. Possible risk factors and irregularities in the will are identified and strategies for appropriate action determined

1.4. Urgent mattersneeding immediate attention that may arise, depending on the complexity of the estate, are dealt with in a timely and professional manner

1.5. If required, factors which increase the risk of litigation are identified and appropriate strategies executed

1.6. Co-executors are advised of options regarding their roles and the estate administration process and the will is proven

2. Identify, collect and distribute assets

2.1. Assets and liabilities are identified with assets collected, transmitted or realised as requested

2.2. Liquid assets are deposited in appropriate funds and cash receipted according to legal requirements

2.3. Steps are taken to ensure that property is adequately insured and secured, particularly where conflict may occur

2.4. Arrangements for storage of chattels, and handing over of any bequests are confirmed

2.5. Beneficiaries are advised of Capital Gains Tax (CGT) implications and assets are distributed promptly according to the terms of the will or intestacy laws

2.6. Scheme of Appropriation is prepared and submitted to appropriate persons for approval and all internal audit requirements complied with

3. Ensure legal and financial requirements are finalised

3.1. Distributable estate is finalised

3.2. If required, a clearance to Date of Death (DOD) from the Australian Taxation Office (ATO) is confirmed

Required skills

highly 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 disputes and conflicts

liaise with others such as specialist advisers, share information, listen and understand

use language and concepts appropriate to cultural differences

customer service skills

research and analysis skills for accessing, interpreting and managing information and performing genealogical searches

IT skills for accessing and using appropriate systems and databases and using internet information

highly developed numeracy skills to prepare and interpret complex financial statements and perform complex financial calculations

well-developed 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

team leadership skills to achieve organisational goals

Required knowledge

relevant State and Territory legislation and regulation relating to:

wills

intestacies

probate and administration

trusteeships

relevant Commonwealth legislation and regulations including:

Income Tax Assessment Act

application of interstate and overseas legislation and regulations where appropriate

the factors which increase risk of litigation

relevant social services and benefits, and qualification requirements, including:

age

disability

unemployment provisions

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

products and services offered by the organisation

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

management and supervision responsibilities

organisational expectations

limitation of personal authority (e.g. in giving complex investment advice)

the professional code of conduct in the personal trustee industry including:

ethical practices

integrity

professionalism

confidentiality

how and when to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry

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

basic legal and administrative requirements for managing a business, including WorkCover (or similar schemes), superannuation and group tax

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 relevant tasks associated with assisting clients in administering complex estates and use customer service strategies that allow for customers' needs to be assessed and responded to in complex situations to ensure maximum customer satisfaction

use conflict resolution skills to recognise potential conflict in a variety of situations, including internal, and use strategies to defuse the situation

prepare and interpret complex financial statements

use high level investigation skills such as genealogical research

manage status reports on complex matters with competing priorities.

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

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.

Factors to accept or renounce administration of the estate may include:

assets of the estate justify accepting the role of executor

if the company has intermeddled in the affairs of the deceased, thus disentitling the company to renounce the role of executor

unusual factors which would discourage accepting the role of executor.

Initial processes for opening an estate file may include:

carrying out funeral arrangements with beneficiaries with sensitivity

identifying potentially contentious issues promptly

identifying risk factors and manage to reduce chances of litigation

opening estate file promptly at time of notification of client's death

undertaking preliminary reading of the will to establish parameters and instructions previously taken.

Possible risk factors and irregularities of the will may include:

alteration

defacement

evidence of annexure

incorrect attestation

no executor appointed or death of executor

no revocation clause

questions regarding interpretation.

Urgent matters needing immediate attention may include:

arrangements of funds in the short term to care for dependants

clauses of the will which are open to interpretation

organising for suitable care for orphaned children or animals

securing valuable assets and arrange for suitable insurance and safekeeping.

Factors which increase the risk of litigation may include:

clauses of the will which are:

open to interpretation

vague

no longer relevant

outdated.

Assets may include:

collectibles

furniture

investments

jewellery

livestock

real estate

those held interstate or in other countries.

Liquid assets may include:

at call funds

Cash Management Trust (CMT).

Appropriate persons may include:

accountants

beneficiaries

business partners

co-executors

livestock agents

media liaison officers

real estate agents

solicitors

stockbrokers

taxation or financial planning specialists who may undertake tasks in some corporations.

Finalising a distributable estate may include:

arranging final distribution of cheques and statements and sending to beneficiaries

calculating and charging fees

paying corpus commission

preparing final taxation return

safely storing documents.

Unit sector

Personal trustee

This unit contains employability skills.