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

ELEMENT

PERFORMANCE CRITERIA

1. Establish trust file

1.1. Preliminary reading of the trust establishment document is conducted to identify complex issues or needs, parameters and instructions

1.2. Trust file is created according legal, statutory and organisational requirements

2. Administer the trust appropriately

2.1. Assets are held at appropriate locations meeting all statutory and legal requirements

2.2. Appropriate tools are established and prepared to manage the trust with needs of beneficiaries for both income and capital reviewed

2.3. Applications by beneficiaries for advance of capital or income are responded to in a manner most appropriate to all parties concerned

2.4. Trust assets are invested appropriately and investment obligations of the trustee are satisfied with assets and funds distributed appropriately

2.5. Customer service strategies that assess and respond to customers' needs are used to ensure maximum customer satisfaction and conflict resolution skills are used to recognise and defuse potential conflict

3. Evaluate and review trust performance

3.1. Trust performance is reviewed periodically to ensure its relevance and appropriateness to client needs

3.2. Trust performance is reported to appropriate persons and clients are advised if changes to the trust are appropriate

3.3. Ongoing management of the trust is provided and additional considerations dealt with in a timely and professional manner

3.4. If required, private companies are directed, managed or wound up and appropriate taxation effective strategies are put in place

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

Required knowledge

relevant State and Territory legislation and regulation relating to:

wills

intestacies

attorneyships/guardianships

probate and administration

trusteeships

investment of trust assets

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 when entering into a contract

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 regarding:

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 how and when to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry and external specialists and resources relevant to requirements in 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 trusts using customer service strategies that allow for customers' needs to be assessed and responded to, in complex situations, to ensure maximum customer satisfaction

apply conflict resolution skills to recognise potential conflict in a variety of situations, including internal and using 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 trust, 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.

Complex issues or needs may include:

companies

family trusts

international and interstate assets

partnerships

pastoral properties

any other unusual circumstances.

Legal, statutory and organisational requirements may include:

State and Territory legislation and regulation relating to:

wills

intestacies

trusts

attorneyships/guardianships

partnerships

investment of trust assets

Commonwealth legislation and regulations including:

Income Tax Assessment Act

organisational requirements may include professional code of conduct in the personal trustee industry including:

ethical practices

integrity

professionalism

confidentiality.

Appropriate tools may include:

a diary system

account and taxation returns

beneficiary profiles and relevant records.

Ongoing management of the trust may include:

assessing special needs of clients

calculation of fees

conducting and investment review

monitoring of property

payment of rates and insurance

preparing statements of account

preparing tax returns

selling or purchase of assets.

Additional considerations may include:

Capital Gains Tax (CGT)

insurance of assets

investment of assets

minor beneficiaries

payment of personal representative's fee for administration

trusts.

Unit sector

Personal trustee

This unit contains employability skills.