Unit of competency Outline

Date retreived
22/07/2026 6:58 AM AWST

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Administer complex estates

Administer complex estates

Unit of competency
National Code
FNSPRT413
State Code
OEB95
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
090907 - Family Law
Original Release Date
07/12/2022
Nominal Hours
60
Description
This unit describes the skills and knowledge required to apply for administration; identify assets, liabilities and beneficiaries to distribute; and finalise a complex estate.The unit applies to senior level personal trust officers who manage complex matters when administering an estate.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Initiate estate administration process
  • 1.1 Open estate file according to organisational policies and procedures
  • 1.2 Advise required parties on the role of executor, the estate administration process, and types of administration
  • 1.3 Identify and manage possible risk factors and irregularities regarding the will and the estate’s assets, liabilities and beneficiaries, seeking the services of a specialist as required
  • 1.4 Prepare and lodge application to prove the will and obtain administration
  • 1.5 Record authority on receipt to commence administration
2. Manage estate assets, liabilities and beneficiaries
  • 2.1 Obtain valuation of estate assets and liabilities
  • 2.2 Prepare statements of assets and liabilities in organisational record keeping system
  • 2.3 Prepare tax return to date of death, seeking assistance from specialists as required
  • 2.4 Locate all beneficiaries and establish their identity according to organisational policies and procedures
  • 2.5 Collect, organise 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 required personnel for approval
3. Distribute and finalise estate
  • 3.1 Prepare and lodge a trustee tax return seeking assistance from specialists as required
  • 3.2 Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist as required
  • 3.3 Pay liabilities and transfer assets that have not been liquidated according to the will or beneficiaries’ instructions
  • 3.4 Calculate and deduct corpus commission, fees and charges that apply
  • 3.5 Prepare final statements and arrange for distributions to be made to entitled beneficiaries
No information
No information
Replaces
State Code National Code Title Type
AUS78 FNSPRT403 Administer a complex estate Unit of competency
State Code National Code Title Type
BHU7 FNS42222 Certificate IV in Personal Trust Administration Qualification
BHX2 FNS52022 Diploma of Personal Trusts Qualification