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Evidence Guide: FNSPRT404 - Administer a trust dealing with complex matters

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

 

FNSPRT404 - Administer a trust dealing with complex matters

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

Create trust file

  1. Undertake preliminary reading of trust deed to identify complex issues or needs, parameters and instructions
  2. Arrange services of specialists and other resources to assist with management of complex issues or needs, as required
  3. Create trust file according to legislative and organisational requirements
  4. Arrange deposit of trust funds
Undertake preliminary reading of trust deed to identify complex issues or needs, parameters and instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange services of specialists and other resources to assist with management of complex issues or needs, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create trust file according to legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange deposit of trust funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and administer trust

  1. Identify income and capital needs of beneficiaries
  2. Establish beneficiary profiles and obtain relevant records
  3. Establish and prepare appropriate tools to manage trust, to meet needs of beneficiaries
  4. Respond to all concerned parties on receipt of applications by beneficiaries for advance of capital or income, using conflict resolution skills if necessary
  5. Ensure trust assets are invested appropriately and satisfy investment obligations of trustee
Identify income and capital needs of beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish beneficiary profiles and obtain relevant records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and prepare appropriate tools to manage trust, to meet needs of beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to all concerned parties on receipt of applications by beneficiaries for advance of capital or income, using conflict resolution skills if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure trust assets are invested appropriately and satisfy investment obligations of trustee

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate and review trust performance

  1. 3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries
  2. Report performance to appropriate persons and advise if changes to trust are required
  3. Provide ongoing management of trust and deal with additional considerations in timely and professional manner
3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report performance to appropriate persons and advise if changes to trust are required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing management of trust and deal with additional considerations in timely and professional manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report performance to appropriate persons and advise if changes to trust are required

  1. Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply
  2. Prepare and lodge a trustee tax return seeking assistance from specialists as necessary
Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. Create trust file

1.1 Undertake preliminary reading of trust instrument to identify parameters, instructions and complex matters to administer

1.2 Arrange services of specialists and other resources to assist with management of complex matters as required

1.3 Create trust file according to legislative and organisational requirements

1.4 Arrange deposit of trust funds and transfer of assets

1.5 Establish beneficiary profiles and obtain relevant records

2. Establish and administer trust

2.1 Identify income and capital needs of beneficiaries and prepare an investment strategy

2.2 Identify relevant dates and record in diary management system

2.3 Process applications from beneficiaries for an advance of the trust's capital or income

2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties

2.5 Manage conflicts or complaints that may arise as a result of the decision

2.6 Invest trust assets appropriately to satisfy the investment strategy obligations of a trustee

3. Evaluate and review trust performance

3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries

3.2.Report performance to appropriate persons and advise if changes to trust are required

3.3 Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply

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

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. Create trust file

1.1 Undertake preliminary reading of trust instrument to identify parameters, instructions and complex matters to administer

1.2 Arrange services of specialists and other resources to assist with management of complex matters as required

1.3 Create trust file according to legislative and organisational requirements

1.4 Arrange deposit of trust funds and transfer of assets

1.5 Establish beneficiary profiles and obtain relevant records

2. Establish and administer trust

2.1 Identify income and capital needs of beneficiaries and prepare an investment strategy

2.2 Identify relevant dates and record in diary management system

2.3 Process applications from beneficiaries for an advance of the trust's capital or income

2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties

2.5 Manage conflicts or complaints that may arise as a result of the decision

2.6 Invest trust assets appropriately to satisfy the investment strategy obligations of a trustee

3. Evaluate and review trust performance

3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries

3.2.Report performance to appropriate persons and advise if changes to trust are required

3.3 Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply

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

Evidence of the ability to:

interpret a trust instrument and create a trust file that identifies parameters, instructions and relevant funds and assets

establish and administer a trust with complex matters according to legislative and organisational requirements

prepare and interpret financial statements and tax documentation relating to the administration of the trust

apply conflict resolution skills to manage beneficiaries' expectations

assess and monitor the appropriateness of the trust's assets in meeting beneficiaries' needs.

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 regulations relating to:

wills

intestate succession

attorneyships or guardianships

probate and administration

trusteeships including investment obligations of the trustees

investment of trust assets

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

identify and manage complex matters for a trust including:

physical location and maintenance of assets

competing needs of beneficiaries

investment strategy

volume and type of assets

level of detail in tax documentation

number of requests from beneficiaries

explain the factors considered to establish the trust's beneficiaries' income, and capital needs and profiles

describe organisational policies and procedures required when administering and monitoring a trust with complex matters, including conflict and complaint resolution

explain products and services offered by personal trustee organisations and fees and charges that apply

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

organisational expectations and limitation of personal authority in giving investment advice

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

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