Unit of competency Outline

Date retreived
21/07/2026 11:49 PM AWST

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Administer a complex estate

Administer a complex estate

Unit of competency
National Code
FNSPRT403
State Code
AUS78
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
60
Description
This unit describes the skills and knowledge required to apply for administration, identify assets, liabilities and beneficiaries to distribute and finalise a complex estate.It applies to individuals who are senior level personal trust officers and may be required to identify and manage complex matters of, and administer, an estate. They may also locate beneficiaries, identify estate assets and liabilities and prepare and lodge tax returns and financial statements to distribute and finalise the estate. 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. Initiate estate administration process
  • 1.1 Open an estate file in accordance with organisational requirements
  • 1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration
  • 1.3 Identify and manage complex matters, possible risk factors and irregularities in regards to the will and the estate's assets, liabilities and beneficiaries, seeking the services of a specialist when necessary
  • 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's assets and liabilities
  • 2.2 Prepare statements of assets and liabilities on organisation's 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, manage and secure assets and liquid assets according to organisational and legislative requirements
  • 2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval
3. Distribute and finalise estate
  • 3.1 Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary
  • 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions
  • 3.3 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary
  • 3.4 Calculate and deduct corpus commission, fees and charges that apply
  • 3.5 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
D4297 FNSPRT403A Administer a complex estate Unit of competency
Replaced By
State Code National Code Title Type
OEB95 FNSPRT413 Administer complex estates Unit of competency