Unit of competency Outline

Date retreived
21/07/2026 11:47 PM AWST

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Advise clients on trust structures

Advise clients on trust structures

Unit of competency
National Code
FNSPRT501
State Code
AUS77
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 complex needs, advise the client on trust structures and prepare trust 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 on trust structures.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. Determine client needs and advise client on suitable trust structures
  • 1.1 Discuss the client's personal, financial and family circumstances and identify areas of risk to preservation of the client's assets
  • 1.2 Advise client on trust structures available to mitigate the identified risks including the type of trust, how the trust is created and administered, the taxation consequences of the trust, any legislative requirements for the trust and the role of the trustee
  • 1.3 Discuss and confirm with the client the fees and cost structure for the advice on trust structures and the preparation of trust documentation
  • 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's trust documentation
  • 1.5 Seek assistance, advice or other services from internal or external specialist advisers as required
2. Prepare draft trust documentation
  • 2.1 Research relevant strategies, laws and trust structures
  • 2.2 Identify and consider the benefits, risks and taxation consequences of each trust structure proposed
  • 2.3 Prepare, in accordance with legislative and organisational policy requirements, appropriate draft trust documentation for the client to review and consider
3. Present draft trust documentation to the client
  • 3.1 Explain to the client the draft trust documentation, trust structure and trust objectives
  • 3.2 Discuss with the client how the trust structure will achieve asset protection for the client
  • 3.3 Explain to the client what the client will need to do to finalise and implement the draft trust documentation
  • 3.4 Seek and consider the client's feedback on the draft trust documentation
4. Finalise trust documents
  • 4.1 Document any amendments to the draft trust documentation arising from the client's feedback on the draft trust documentation
  • 4.2 Finalise the draft trust documentation and prepare an execution copy of each document
  • 4.3 Discuss with the client any changes in the final trust documentation
  • 4.4 Arrange for the client's due execution of the trust documentation
No information
No information
Replaces
State Code National Code Title Type
D4301 FNSPRT501A Advise clients on trust structures Unit of competency
Replaced By
State Code National Code Title Type
OEB91 FNSPRT511 Advise clients on trust structures Unit of competency