Unit of competency Outline

Date retreived
22/07/2026 9:10 AM AWST

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Administer a trust dealing with complex matters

Administer a trust dealing with complex matters

Unit of competency
National Code
FNSPRT404
State Code
AUS71
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
2.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to establish and administer a trust with complex matters and manage and monitor the trust's assets.It applies to individuals who are senior level personal trust officers in the personal trustee sector and have highly developed communication and financial management skills. They are also able to administer trusts that have complex matters in regards to the trust's assets and beneficiaries.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4298 FNSPRT404A Administer a complex trust Unit of competency
Replaced By
State Code National Code Title Type
OEB94 FNSPRT414 Administer complex trusts Unit of competency