Unit of competency Outline
Date retreived
23/07/2026 12:30 AM AWST
23/07/2026 12:30 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Advise clients in estate planning
Advise clients in estate planning
Unit of competency
National Code
FNSPRT502A
FNSPRT502A
State Code
D4302
D4302
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to interpret client requirements from a needs analysis and match their needs to relevant products and services by providing advice on estate planning such as trusts, wills, attorneyships, and other legal processes, reconciling any concerns and gaining confirmation.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Develop strategies based on client requirements
- 1.1. Relevant details and documentation in relation to a client's estate are obtained and reviewed
- 1.2. Details in relation to the estate are interpreted, relevant products are researched, and appropriate products are matched to the client needs
- 1.3. Benefits, risks, taxation requirements and issues for differing circumstances are identified and considered
- 1.4. Assistance is sought from internal or external sources as required and based on the skills and experience of the adviser
- 1.5. Types of insurance available for estate planning are identified, if required
- 1.6. The most appropriate options are chosen and prepared to review with the client
2. Present strategies and information to clients
- 2.1. 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
- 2.2. Benefits and considerations for beneficiaries are identified and explained accurately to the client
- 2.3. The use of insurance in estate planning is explained clearly and accurately to the client
- 2.4. Restrictions relating to family companies are identified and explained to the client, where required
- 2.5. The role and responsibilities of a trustee are explained clearly and accurately in a language appropriate to the client
3. Reconcile client concerns and gain confirmation
- 3.1. Client concerns regarding the advice and recommendation are discussed and clarified and confirmation on how to proceed determined
- 3.2. Associated fee and cost structures are clearly explained to the client and their formal agreement to the proposed plan or transaction gained, if appropriate
- 3.3. Time frames for execution and process are clearly explained and confirmation of understanding gained from the client
4. Prepare and document estate plan
- 4.1. Estate plan is prepared according to statutory requirements and consistent with client requirements then checked for legal implications and any complications
- 4.2. Client confirmation of estate plan is obtained and effected as required
- 4.3. Record keeping and safe storage of documents is undertaken according to organisational and legislative requirements
5. Prepare ongoing service where requested by client
- 5.1. Type and form of ongoing service with fees and costs for specifically defined services clearly explained and confirmation gained from the client
- 5.2. Ongoing service is provided and reviewed as required
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.
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.
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
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
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9892 | FNSPERT502B | Advise clients in Estate Planning | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS90 | FNSPRT502 | Advise clients in estate planning | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D712 | FNS41311 | Certificate IV in Personal Trust Administration | Qualification |
| D718 | FNS50511 | Diploma of Personal Trustees | Qualification |