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Evidence Guide: FNSPRT302A - Administer a non-complex estate

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSPRT302A - Administer a non-complex estate

What evidence can you provide to prove your understanding of each of the following citeria?

Initiate the process of proving the will of the non-complex estate

  1. Estate file is opened promptly at time of notification of client's death
  2. Preliminary reading of the will is undertaken to establish parameters and instructions previously given
Estate file is opened promptly at time of notification of client's death

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Preliminary reading of the will is undertaken to establish parameters and instructions previously given

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prove the will

  1. Identification of formal administration of estate is obtained where required
  2. If required, a notice of intention to apply for probate is advertised and probate documents are prepared or their preparation arranged
  3. Probate documents are executed or their execution arranged
Identification of formal administration of estate is obtained where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

If required, a notice of intention to apply for probate is advertised and probate documents are prepared or their preparation arranged

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Probate documents are executed or their execution arranged

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify assets and liabilities and confirm beneficiaries

  1. The existence and value of assets specifically dealt with in the will are established
  2. If required, more complex issues are identified and appropriate action based on the administrator's skills and experience are taken
  3. Creditors are sought through statutory advertising notices and accurate statements of assets and liabilities prepared
  4. Beneficiaries are located and their identity established
The existence and value of assets specifically dealt with in the will are established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

If required, more complex issues are identified and appropriate action based on the administrator's skills and experience are taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Creditors are sought through statutory advertising notices and accurate statements of assets and liabilities prepared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Beneficiaries are located and their identity established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect assets and confirm entitlement

  1. Liquid assets are collected and deposited into appropriate funds with cash receipted according to organisational requirements
  2. All creditors and administration costs are paid
  3. Schedule of beneficiaries and their entitlements is prepared and approved
Liquid assets are collected and deposited into appropriate funds with cash receipted according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All creditors and administration costs are paid

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Schedule of beneficiaries and their entitlements is prepared and approved

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute and finalise estate

  1. If required, arrangements are made for final tax return to be prepared and lodged with Australian Taxation Office (ATO)
  2. Corpus commission is calculated and charged and final fees and charges determined
  3. Final distribution cheques and final statements are prepared and sent to beneficiaries
If required, arrangements are made for final tax return to be prepared and lodged with Australian Taxation Office (ATO)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Corpus commission is calculated and charged and final fees and charges determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Final distribution cheques and final statements are prepared and sent to beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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-complex estates

apply appropriate customer services strategies

prepare and interpret simple financial statements and perform financial calculations

apply basic investigation skills including 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

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm work 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

interpersonal skills to establish rapport with clients

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

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

intestacies

probate and administration

trusteeships

basic federal legislation and regulations including:

Income Tax Assessment Act

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

ethics

integrity

professionalism

confidentiality

techniques for contacting 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

Range Statement

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.

Probate documents include:

the will

death certificate

application for probate

list of assets and liabilities.

More complex issues may include:

companies

family trusts

international and interstate assets and liabilities

partnerships

pastoral properties

other unusual requests or circumstances.

Appropriate action may include:

additional research

input from a supervisor

redistributing the responsibility of the estate to a senior level person within the organisation

working with internal or external contacts with the needed area of expertise.