Elements and Performance Criteria

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.
Factors to accept or renounce administration of the estate may include:
assets of the estate justify accepting the role of executor
if the company has intermeddled in the affairs of the deceased, thus disentitling the company to renounce the role of executor
unusual factors which would discourage accepting the role of executor.
Initial processes for opening an estate file may include:
carrying out funeral arrangements with beneficiaries with sensitivity
identifying potentially contentious issues promptly
identifying risk factors and manage to reduce chances of litigation
opening estate file promptly at time of notification of client's death
undertaking preliminary reading of the will to establish parameters and instructions previously taken.
Possible risk factors and irregularities of the will may include:
alteration
defacement
evidence of annexure
incorrect attestation
no executor appointed or death of executor
no revocation clause
questions regarding interpretation.
Urgent matters needing immediate attention may include:
arrangements of funds in the short term to care for dependants
clauses of the will which are open to interpretation
organising for suitable care for orphaned children or animals
securing valuable assets and arrange for suitable insurance and safekeeping.
Factors which increase the risk of litigation may include:
clauses of the will which are:
open to interpretation
vague
no longer relevant
outdated.
Assets may include:
collectibles
furniture
investments
jewellery
livestock
real estate
those held interstate or in other countries.
Liquid assets may include:
at call funds
Cash Management Trust (CMT).
Appropriate persons may include:
accountants
beneficiaries
business partners
co-executors
livestock agents
media liaison officers
real estate agents
solicitors
stockbrokers
taxation or financial planning specialists who may undertake tasks in some corporations.
Finalising a distributable estate may include:
arranging final distribution of cheques and statements and sending to beneficiaries
calculating and charging fees
paying corpus commission
preparing final taxation return
safely storing documents.

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:
undertake relevant tasks associated with assisting clients in administering complex estates and use customer service strategies that allow for customers' needs to be assessed and responded to in complex situations to ensure maximum customer satisfaction
use conflict resolution skills to recognise potential conflict in a variety of situations, including internal, and use strategies to defuse the situation
prepare and interpret complex financial statements
use high level investigation skills such as genealogical research
manage status reports on complex matters with competing priorities.

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 appropriate legislation and regulations relevant to preparing a will, workplace manuals and reference material such as company policy, procedural manuals and checklists.

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
accessing and validating third party reports.

Guidance information for assessment