List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Confirm client estate planning requirements with client | 1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs 1.2 Identify aspects of the client's situation that require special attention within the estate plan 1.3 Discuss and confirm with the client the fees and cost structure for the estate plan 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan 1.5 Seek assistance, advice or other services from internal or external specialist advisers as required |
2. Prepare draft estate plan and ancillary documents | 2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations 2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified 2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider |
3. Present the draft estate plan to the client | 3.1 Explain to the client the draft estate plan, its structure and objectives 3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation 3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan 3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation |
4. Finalise the estate plan and ancillary documents | 4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan 4.2 Finalise the estate plan and any ancillary documentation 4.3 Discuss with the client any changes in the final estate plan 4.4 Arrange for the client to execute the estate plan and any ancillary documentation |
Evidence of the ability to:
advise the client on suitable estate plan in compliance with legislative and organisational requirements
accurately prepare estate plan and related documents according to legal, industry and organisational requirements.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
describe a range of client needs and circumstances relevant to estate planning
explain key legislation and regulation requirements relating to :
wills
intestacies
attorneyships or guardianships
probate and administration
trusteeships including investment and obligations of the trustees
investment of trust assets
taxation and tax obligations as they relate to the administration of trusts
describe organisational policies and procedures required when providing and documenting estate planning advice
describe the internal and external complaints resolution procedure
outline estate planning products and services offered by personal trustee organisations and the fees and charges that apply
outline the role, responsibilities and authority of the senior personal trust officer including:
management and supervision responsibilities
organisational expectations
limitation of personal authority in giving investment advice
discuss the professional code of conduct, where applicable, in the personal trustee sector
describe the role of, and how and when to contact, key internal and external specialists relating to the personal trustee sector.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:
common office equipment, technology, software and consumables
appropriate legislation and regulations relevant to advising clients on estate planning
organisational reference materials such as policies, procedures, manuals and checklists.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.