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Evidence Guide: FNSPRT403 - Administer a 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

 

FNSPRT403 - Administer a complex estate

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

Initiate estate administration process

  1. Undertake initial procedures for opening estate file
  2. Identify possible risk factors and irregularities in will and employ appropriate strategies
  3. Ensure that urgent matters are dealt with in timely and professional manner
  4. Advise co-executors, where they exist, about options regarding their role and estate administration process
  5. Undertake process to prove will
Undertake initial procedures for opening estate file

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify possible risk factors and irregularities in will and employ appropriate strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure that urgent matters are dealt with in timely and professional manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise co-executors, where they exist, about options regarding their role and estate administration process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake process to prove will

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, collect and distribute assets

  1. Identify assets and liabilities, and ensure assets are collected, transmitted or realised as requested
  2. Deposit liquid assets in appropriate funds and receipt cash according to legal requirements, when necessary
  3. Take steps to ensure that property is adequately insured and secured, particularly where conflict may occur
  4. Confirm arrangements for storage of chattels and handing over of any bequests
  5. Advise beneficiaries of capital gains tax (CGT) implications and promptly distribute assets according to terms of will
  6. Prepare and submit Scheme of Appropriation to appropriate persons for approval and comply with all internal audit requirements
Identify assets and liabilities, and ensure assets are collected, transmitted or realised as requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Deposit liquid assets in appropriate funds and receipt cash according to legal requirements, when necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take steps to ensure that property is adequately insured and secured, particularly where conflict may occur

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm arrangements for storage of chattels and handing over of any bequests

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise beneficiaries of capital gains tax (CGT) implications and promptly distribute assets according to terms of will

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and submit Scheme of Appropriation to appropriate persons for approval and comply with all internal audit requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure legal and financial requirements are finalised

  1. Ensure distributed estate is finalised
  2. Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required
Ensure distributed estate is finalised

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make arrangements for final tax return to be prepared and lodged with Australian Taxation Office (ATO), if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify estate assets, liabilities and beneficiaries

  1. 2.1 Obtain valuation of estate's assets and liabilities
  2. 2.2 Prepare statements of assets and liabilities on organisation's record keeping system
  3. Prepare a tax return to date of death, seeking assistance from specialists as necessary
  4. Locate all beneficiaries and establish their identity
  5. Collect, manage and secure assets and liquid assets according to organisational and legislative requirements
  6. Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval
2.1 Obtain valuation of estate's assets and liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

2.2 Prepare statements of assets and liabilities on organisation's record keeping system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare a tax return to date of death, seeking assistance from specialists as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Locate all beneficiaries and establish their identity

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect, manage and secure assets and liquid assets according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute and finalise estate

  1. Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary
  2. 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions
  3. Prepare and lodge a trustee tax return seeking assistance from specialists as necessary
  4. Calculate and deduct corpus commission, fees and charges that apply
  5. Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries
Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and lodge a trustee tax return seeking assistance from specialists as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and deduct corpus commission, fees and charges that apply

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Initiate estate administration process

1.1 Open an estate file in accordance with organisational requirements

1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration

1.3 Identify and manage complex matters, possible risk factors and irregularities in regards to the will and the estate's assets, liabilities and beneficiaries, seeking the services of a specialist when necessary

1.4 Prepare and lodge application to prove the will and obtain administration

1.5 Record authority, on receipt, to commence administration

2. Identify estate assets, liabilities and beneficiaries

2.1 Obtain valuation of estate's assets and liabilities

2.2 Prepare statements of assets and liabilities on organisation's record keeping system

2.3 Prepare a tax return to date of death, seeking assistance from specialists as necessary

2.4 Locate all beneficiaries and establish their identity

2.5 Collect, manage and secure assets and liquid assets according to organisational and legislative requirements

2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval

3. Distribute and finalise estate

3.1 Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary

3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions

3.3 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary

3.4 Calculate and deduct corpus commission, fees and charges that apply

3.5 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Initiate estate administration process

1.1 Open an estate file in accordance with organisational requirements

1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration

1.3 Identify and manage complex matters, possible risk factors and irregularities in regards to the will and the estate's assets, liabilities and beneficiaries, seeking the services of a specialist when necessary

1.4 Prepare and lodge application to prove the will and obtain administration

1.5 Record authority, on receipt, to commence administration

2. Identify estate assets, liabilities and beneficiaries

2.1 Obtain valuation of estate's assets and liabilities

2.2 Prepare statements of assets and liabilities on organisation's record keeping system

2.3 Prepare a tax return to date of death, seeking assistance from specialists as necessary

2.4 Locate all beneficiaries and establish their identity

2.5 Collect, manage and secure assets and liquid assets according to organisational and legislative requirements

2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval

3. Distribute and finalise estate

3.1 Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary

3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions

3.3 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary

3.4 Calculate and deduct corpus commission, fees and charges that apply

3.5 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

Evidence of the ability to:

identify and manage complex matters, possible risk factors and irregularities in administering an estate

conduct research to prove the will and confirm existence of a complex estate's assets, liabilities and beneficiaries according to legislative and organisational requirements

locate beneficiaries and calculate their entitlements according to legislative and organisational requirements

prepare documentation to apply for administration of a complex estate

prepare financial and tax documentation, including capital gains tax, for the administration of a complex estate.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the key legislative requirements of federal, state and territory legislation and regulation relating to:

wills

probate and administration

intestate succession

trusteeships including investment obligations of the trustees preparing an application for administration

taxation and tax obligations as they relate to the administration of estates and trusts

outline the role, responsibilities and authority of an executor

describe the process to prove a will

discuss the risk factors and irregularities in the will which increase the chance of litigation including:

family maintenance provisions

validity of the will

informal will

identify and manage complex estate matters including:

conflict between beneficiaries

capital gains tax

complex assets due to volume, physical location and type

complex beneficiaries due to volume, physical location and potential bankrupt status and other vulnerabilities

describe organisational policies and procedures required in administering a complex estate, including conflict and complaint resolution

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

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

outline the professional code of conduct, where applicable, in the personal trustee sector

establish potential estate liabilities including:

claims on the estate

fees and charges and other administration expenses

debts of the deceased

final tax return obligations of the deceased.