Unit of competency Outline

Date retreived
22/07/2026 1:51 AM AWST

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Administer an intestate estate

Administer an intestate estate

Unit of competency
National Code
FNSPRT401
State Code
AUS86
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
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
40
Description
This unit describes the skills and knowledge required to identify and distribute assets in intestacy and finalise the estate.It applies to individuals who are proficient administrators in the personal trustee sector and who may undertake basic genealogical research, and prepare tax returns and simple financial statements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify assets and liabilities of intestate estate
  • 1.1 Research, establish and confirm existence of assets and liabilities of intestate estate
  • 1.2 Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices
  • 1.3 Prepare accurate statements of assets and liabilities
  • 1.4 Consider and apply all relevant legislative and organisational requirements and confirm intestate succession
  • 1.5 Identify any complex issues and take appropriate action based on administrator’s skills and experience
2. Collect and distribute assets
  • 2.1 Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner
  • 2.2 Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements
  • 2.3 Make arrangements for tax return to be lodged to date of death
  • 2.4 Ensure internal audit requirements are completed
3. Finalise intestate estate
  • 3.1 Prepare final taxation return for submission to Australian Taxation Office (ATO)
  • 3.2 Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries
No information
No information
Replaces
State Code National Code Title Type
D4295 FNSPRT401A Administer an intestate estate Unit of competency
Replaced By
State Code National Code Title Type
AWF15 FNSPRT407 Investigate and substantiate entitlement in an intestate estate Unit of competency
State Code National Code Title Type
AWF9 FNS41315 Certificate IV in Personal Trust Administration Qualification