Unit of competency Outline

Date retreived
21/07/2026 11:51 PM AWST

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Advise clients in estate planning

Advise clients in estate planning

Unit of competency
National Code
FNSPRT502
State Code
AUS90
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 determine a client's estate planning needs and to provide advice on a straightforward estate plan. It also covers the preparation of relevant documentation.It applies to individuals who are senior level personal trust officers in the personal trustee sector and who have highly developed communication skills and the authority to provide advice.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 and relevant federal, state and territory legislation.
Notes
Elements and Performance Criteria
1. Confirm client estate planning requirements with client
  • 1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs
  • 1.2 Identify aspects of the client's situation that require special attention within the estate plan
  • 1.3 Discuss and confirm with the client the fees and cost structure for the estate plan
  • 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan
  • 1.5 Seek assistance, advice or other services from internal or external specialist advisers as required
2. Prepare draft estate plan and ancillary documents
  • 2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations
  • 2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified
  • 2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider
3. Present the draft estate plan to the client
  • 3.1 Explain to the client the draft estate plan, its structure and objectives
  • 3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation
  • 3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan
  • 3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation
4. Finalise the estate plan and ancillary documents
  • 4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan
  • 4.2 Finalise the estate plan and any ancillary documentation
  • 4.3 Discuss with the client any changes in the final estate plan
  • 4.4 Arrange for the client to execute the estate plan and any ancillary documentation
No information
No information
Replaces
State Code National Code Title Type
D4302 FNSPRT502A Advise clients in estate planning Unit of competency
Replaced By
State Code National Code Title Type
OEB90 FNSPRT512 Advise clients in estate planning Unit of competency