Unit of competency Outline

Date retreived
21/07/2026 11:50 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Administer non-complex estates

Administer non-complex estates

Unit of competency
National Code
FNSPRT312
State Code
OEC95
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
090907 - Family Law
Original Release Date
07/12/2022
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.The unit applies to individuals who work as administrators in the personal trustee sector locating beneficiaries, identifying estate assets and liabilities, and preparing 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 estate file according to organisational policies and procedures and confirm there are no existing complex matters
  • 1.2 Advise required parties on the role of executor, the estate administration process and 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. Manage 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 required
  • 2.4 Locate all beneficiaries and establish their identity according to organisational policies and procedures and legislative requirements
  • 2.5 Collect and deposit liquid assets into estate account with cash receipted, as required, according to organisational and legislative requirements
  • 2.6 Prepare and submit a schedule of beneficiaries and their entitlements to required personnel for approval
3. Distribute and finalise estate
  • 3.1 Prepare a trustee tax return as required, seeking assistance from specialists as required
  • 3.2 Pay liabilities and transfer assets that have not been liquidated, according to the will or beneficiaries’ instructions
  • 3.3 Calculate and deduct corpus commission, fees and charges that apply
  • 3.4 Prepare final statements and arrange for distributions to be made to entitled beneficiaries
No information
No information
Replaces
State Code National Code Title Type
AUX18 FNSPRT302 Administer a non-complex estate Unit of competency