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Evidence Guide: FNSPRT502A - 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

 

FNSPRT502A - Advise clients in estate planning

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

Develop strategies based on client requirements

  1. Relevant details and documentation in relation to a client's estate are obtained and reviewed
  2. Details in relation to the estate are interpreted, relevant products are researched, and appropriate products are matched to the client needs
  3. Benefits, risks, taxation requirements and issues for differing circumstances are identified and considered
  4. Assistance is sought from internal or external sources as required and based on the skills and experience of the adviser
  5. Types of insurance available for estate planning are identified, if required
  6. The most appropriate options are chosen and prepared to review with the client
Relevant details and documentation in relation to a client's estate are obtained and reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Details in relation to the estate are interpreted, relevant products are researched, and appropriate products are matched to the client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Benefits, risks, taxation requirements and issues for differing circumstances are identified and considered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assistance is sought from internal or external sources as required and based on the skills and experience of the adviser

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Types of insurance available for estate planning are identified, if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The most appropriate options are chosen and prepared to review with the client

Completed
Date:

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Present strategies and information to clients

  1. The nature and purpose of a trust and other products for an estate plan with relevant information and legislative requirements are explained to the client
  2. Benefits and considerations for beneficiaries are identified and explained accurately to the client
  3. The use of insurance in estate planning is explained clearly and accurately to the client
  4. Restrictions relating to family companies are identified and explained to the client, where required
  5. The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client
The nature and purpose of a trust and other products for an estate plan with relevant information and legislative requirements are explained to the client

Completed
Date:

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Benefits and considerations for beneficiaries are identified and explained accurately to the client

Completed
Date:

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The use of insurance in estate planning is explained clearly and accurately to the client

Completed
Date:

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Restrictions relating to family companies are identified and explained to the client, where required

Completed
Date:

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The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client

Completed
Date:

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Reconcile client concerns and gain confirmation

  1. Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed determined
  2. Associated fee and cost structures are clearly explained to the client and their formal agreement to the proposed plan or transaction gained, if appropriate
  3. Time frames for execution and process are clearly explained and confirmation of understanding gained from the client
Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Associated fee and cost structures are clearly explained to the client and their formal agreement to the proposed plan or transaction gained, if appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Time frames for execution and process are clearly explained and confirmation of understanding gained from the client

Completed
Date:

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Prepare and document estate plan

  1. Estate plan is prepared according to statutory requirements and consistent with client requirements then checked for legal implications and any complications
  2. Client confirmation of estate plan is obtained and effected as required
  3. Record keeping and safe storage of documents is undertaken according to organisational and legislative requirements
Estate plan is prepared according to statutory requirements and consistent with client requirements then checked for legal implications and any complications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Client confirmation of estate plan is obtained and effected as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record keeping and safe storage of documents is undertaken according to organisational and legislative requirements

Completed
Date:

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Prepare ongoing service where requested by client

  1. Type and form of ongoing service with fees and costs for specifically defined services clearly explained and confirmation gained from the client
  2. Ongoing service is provided and reviewed as required
Type and form of ongoing service with fees and costs for specifically defined services clearly explained and confirmation gained from the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ongoing service is provided and reviewed as required

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:

identify products that pertain to the personal trustee industry and are appropriate to meet the needs of clients by identifying benefits, risks, taxation requirements and other issues

use high level interpersonal skills to deal appropriately with sensitive issues.

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 relevant estate planning legislation, organisational documents and information

access to relevant financial products and services information.

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

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

highly developed communication skills to:

determine and confirm client estate plan 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

well-developed research and analysis skills for accessing, interpreting and managing complex information

IT skills for accessing and using appropriate systems and databases

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

problem solving skills to identify any issues that have the potential to impact on the estate plan and to develop options to resolve these issues when they arise

excellent interpersonal skills to establish rapport with clients and to liaise with other specialists and team members

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

relevant Commonwealth, State and Territory legislation and regulations, including:

wills

taxation

trustees

intestacies

attorneyships

application of interstate and overseas legislation and regulations where appropriate

relevant social services and benefits, and qualification requirements, including:

age

disability

organisational policies and procedures required in the full range of tasks covered

products and services offered by the organisation, and fees attached

roles, responsibilities and powers of senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority

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

ethical practices

integrity

professionalism

confidentiality

how and when to contact key organisational personnel with expertise in specialised areas relating to the personal trustee industry

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.

Details and documentation may include:

articles of association

assets and liabilities documentation

beneficiaries with special needs or particular problems

beneficiaries' names, location and relationship to client

company records

personal details of client

taxation returns

trust deed.

Taxation requirements and issues for differing circumstances may include:

individuals

overseas beneficiaries

superannuation funds

trusts.

Taxation issues of an estate plan may include:

Capital Gains Tax (CGT)

treatment of superannuation benefits on the death of a member.

Internal or external sources may include:

accountants

insurance agents

lawyers.

Types of insurance may include:

disability insurance

home loan insurance

income protection insurance

property insurance

public liability insurance.

Estate planning may include:

establishing a trust

funerals

health directives

powers of attorney

preparing a will.

Nature and purpose of a trust may include:

asset protection

making a future gift in light of circumstances yet to occur

to minimise income tax

to prevent squandering of property

to secure property to benefit persons in succession.

Information and legislative requirements may include:

corporate versus personal trustees

Commonwealth, State and Territory legislation and regulation relating to:

wills

taxation

intestacies

attorneyships

charging of fees.

Benefits and considerations for beneficiaries may include:

payments from a superannuation fund

pension benefits.

The use of insurance may include:

payment of estate debts

to mitigate risk.

Restrictions relating to family companies may include

impact of a will on the transfer of company assets to a beneficiary

not being able to directly gift assets of a business structure to a beneficiary.

Role and responsibilities of a trustee may involve:

distributing capital

distributing income.