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Evidence Guide: FNSPRT502 - Advise clients in estate planning

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

 

FNSPRT502 - Advise clients in estate planning

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

Confirm client estate planning requirements and develop estate planning strategies

  1. Obtain and review client’s estate details and documentation
  2. Interpret estate details and confirm client’s estate planning requirements and differing circumstances
  3. Identify relevant legal and procedural issues for consideration and action in accordance with legislative requirements, and organisational policy and procedures
  4. Seek assistance from internal or external specialist advisers, as required
  5. Research relevant products and services so client requirements can be met
  6. Identify and consider benefits, risks, taxation requirements and issues for differing circumstances considered
  7. Document most appropriate strategies for client to review and consider
Obtain and review client’s estate details and documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret estate details and confirm client’s estate planning requirements and differing circumstances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant legal and procedural issues for consideration and action in accordance with legislative requirements, and organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek assistance from internal or external specialist advisers, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research relevant products and services so client requirements can be met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and consider benefits, risks, taxation requirements and issues for differing circumstances considered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document most appropriate strategies for client to review and consider

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present strategies and information to clients

  1. Explain to client nature and purpose of products and services documented as appropriate strategies, with relevant information and legislative requirements made explicit to client
  2. Identify and explain to client different types of estate benefits and considerations for beneficiaries
  3. Clearly and accurately explain role and responsibilities of all parties involved in distribution and ongoing management of estate in language appropriate to client
Explain to client nature and purpose of products and services documented as appropriate strategies, with relevant information and legislative requirements made explicit to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and explain to client different types of estate benefits and considerations for beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly and accurately explain role and responsibilities of all parties involved in distribution and ongoing management of estate in language appropriate to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Address client concerns

  1. Discuss and clarify any concerns client has about advice and recommendations provided, and determine how client wishes to proceed
  2. Explain any associated fee and cost structures to client and obtain formal agreement to proceed
  3. Explain expected execution and process timeframes, and confirm client understanding
Discuss and clarify any concerns client has about advice and recommendations provided, and determine how client wishes to proceed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain any associated fee and cost structures to client and obtain formal agreement to proceed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain expected execution and process timeframes, and confirm client understanding

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and document estate plan

  1. Document estate plan according to legal requirements and appropriate organisational policy and procedures
  2. Obtain client confirmation of estate plan and execute as required
  3. Undertake record keeping and safe storage of documents according to organisational and legislative requirements
Document estate plan according to legal requirements and appropriate organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client confirmation of estate plan and execute as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake record keeping and safe storage of documents according to organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service where requested by client

  1. Clearly explain and confirm type and form of ongoing service with fees and costs for specifically defined services, and confirm client understands this information
  2. Provide ongoing service and review this assistance as required
Clearly explain and confirm type and form of ongoing service with fees and costs for specifically defined services, and confirm client understands this information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing service and review this assistance as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm client estate planning requirements with client

  1. 1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs
  2. 1.2 Identify aspects of the client's situation that require special attention within the estate plan
  3. Discuss and confirm with the client the fees and cost structure for the estate plan
  4. 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan
  5. Seek assistance, advice or other services from internal or external specialist advisers as required
1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.2 Identify aspects of the client's situation that require special attention within the estate plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss and confirm with the client the fees and cost structure for the estate plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek assistance, advice or other services from internal or external specialist advisers as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare draft estate plan and ancillary documents

  1. 2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations
  2. Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified
  3. Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider
2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present the draft estate plan to the client

  1. Explain to the client the draft estate plan, its structure and objectives
  2. Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation
  3. Explain to the client what the client will need to do to finalise and implement the draft estate plan
  4. 3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation
Explain to the client the draft estate plan, its structure and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain to the client what the client will need to do to finalise and implement the draft estate plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise the estate plan and ancillary documents

  1. 4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan
  2. Finalise the estate plan and any ancillary documentation
  3. Discuss with the client any changes in the final estate plan
  4. Arrange for the client to execute the estate plan and any ancillary documentation
4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise the estate plan and any ancillary documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss with the client any changes in the final estate plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange for the client to execute the estate plan and any ancillary documentation

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. Confirm client estate planning requirements with client

1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs

1.2 Identify aspects of the client's situation that require special attention within the estate plan

1.3 Discuss and confirm with the client the fees and cost structure for the estate plan

1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan

1.5 Seek assistance, advice or other services from internal or external specialist advisers as required

2. Prepare draft estate plan and ancillary documents

2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations

2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified

2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider

3. Present the draft estate plan to the client

3.1 Explain to the client the draft estate plan, its structure and objectives

3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation

3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan

3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation

4. Finalise the estate plan and ancillary documents

4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan

4.2 Finalise the estate plan and any ancillary documentation

4.3 Discuss with the client any changes in the final estate plan

4.4 Arrange for the client to execute the estate plan and any ancillary documentation

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. Confirm client estate planning requirements with client

1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs

1.2 Identify aspects of the client's situation that require special attention within the estate plan

1.3 Discuss and confirm with the client the fees and cost structure for the estate plan

1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan

1.5 Seek assistance, advice or other services from internal or external specialist advisers as required

2. Prepare draft estate plan and ancillary documents

2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations

2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified

2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider

3. Present the draft estate plan to the client

3.1 Explain to the client the draft estate plan, its structure and objectives

3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation

3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan

3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation

4. Finalise the estate plan and ancillary documents

4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan

4.2 Finalise the estate plan and any ancillary documentation

4.3 Discuss with the client any changes in the final estate plan

4.4 Arrange for the client to execute the estate plan and any ancillary documentation

Evidence of the ability to:

advise the client on suitable estate plan in compliance with legislative and organisational requirements

accurately prepare estate plan and related documents according to legal, industry and organisational requirements.

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 a range of client needs and circumstances relevant to estate planning

explain key legislation and regulation requirements relating to :

wills

intestacies

attorneyships or guardianships

probate and administration

trusteeships including investment and obligations of the trustees

investment of trust assets

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

describe organisational policies and procedures required when providing and documenting estate planning advice

describe the internal and external complaints resolution procedure

outline estate planning products and services offered by personal trustee organisations and the fees and charges that apply

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

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

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

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