Unit of competency Outline

Date retreived
21/07/2026 11:53 PM AWST

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Administer a non-complex estate

Administer a non-complex estate

Unit of competency
National Code
FNSPRT302
State Code
AUX18
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
090907 - Family Law
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to apply for administration, identify assets, liabilities and beneficiaries to distribute and finalise a non-complex estate.It applies to individuals who are proficient administrators in the personal trustee sector. They may locate beneficiaries, identify estate assets and liabilities and prepare tax returns and simple financial statements to distribute and finalise the estate.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Initiate estate administration process
  • 1.1 Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters
  • 1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration
  • 1.3 Confirm existence of estate's assets and beneficiaries
  • 1.4 Prepare and lodge application to prove the will and obtain administration
  • 1.5 Record authority, on receipt, to commence administration
2. Identify estate assets, liabilities and beneficiaries
  • 2.1 Obtain valuation of estate assets and liabilities
  • 2.2 Prepare statements of assets and liabilities on organisational record keeping system
  • 2.3 Prepare a tax return to date of death seeking assistance from specialists as necessary
  • 2.4 Locate all beneficiaries and establish their identity
  • 2.5 Collect and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements
  • 2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval
3. Distribute and finalise estate
  • 3.1 Prepare a trustee tax return where required seeking assistance from specialists as necessary
  • 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions
  • 3.3 Calculate and deduct corpus commission, fees and charges that apply
  • 3.4 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries
No information
No information
Replaces
State Code National Code Title Type
D4293 FNSPRT302A Administer a non-complex estate Unit of competency
Replaced By
State Code National Code Title Type
OEC95 FNSPRT312 Administer non-complex estates Unit of competency