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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Apply knowledge of estate planning to propose a financial solution for a specific client 
SAQA US ID UNIT STANDARD TITLE
242603  Apply knowledge of estate planning to propose a financial solution for a specific client 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5  8 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who advise individuals at any life stage on estate planning, give financial advice or engage in wealth management or financial planning. It is applicable to Intermediaries, Financial Planners, Broker Consultants, Bankers, Actuaries, Sales Managers, Key Individuals and Managers in life insurance and financial planning organisations.

The qualifying learner is capable of:
  • Interpreting the provisions of a will.
  • Applying knowledge of legislation to calculate Estate Duty.
  • Analysing the liquidity of an estate.
  • Proposing a financial solution to ensure orderly and cost effective winding up of an estate. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • A standard Will refers to a Will compiled using standard clauses.
  • Marital regimes include in community of property, out of community of property, with accrual and not married but in a long term relationship.
  • Bequests include, but are not limited to, limited rights, annuities and royalties. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Interpret the provisions of a will. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    A standard will is interpreted to determine the distribution of assets at death. 

    ASSESSMENT CRITERION 2 
    The implications of the client's marital regime are explained with reference to the distribution of assets. 

    ASSESSMENT CRITERION 3 
    The standard clauses are explained to the client with reference to the implications for the client's beneficiaries. 

    SPECIFIC OUTCOME 2 
    Apply knowledge of legislation to calculate Estate Duty. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The Capital Gains Tax (CGT) payable by an estate is calculated and an indication is given of how this affects Estate Duty and liquidity. 

    ASSESSMENT CRITERION 2 
    The Executors fee is calculated and an indication is given of how this affects Estate Duty and liquidity. 

    ASSESSMENT CRITERION 3 
    The implications of beneficiary nominations, bequests, retirement funds and long-term insurance policies are explained with reference to estate duty and liquidity. 

    ASSESSMENT CRITERION 4 
    Estate Duty is calculated for the main marital regimes. 

    SPECIFIC OUTCOME 3 
    Analyse the liquidity of an estate. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The liquidity of an estate is calculated taking into account the provisions of the will and any beneficiary nominations. 

    ASSESSMENT CRITERION 2 
    The implications of the liquidity situation are explained to the client. 

    ASSESSMENT CRITERION 3 
    Recommendations to improve the liquidity are presented to the client. 

    SPECIFIC OUTCOME 4 
    Propose a financial solution to ensure the orderly and cost effective winding up of the estate. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Options to minimise Estate Duty are proposed for different scenarios. 

    ASSESSMENT CRITERION 2 
    Ways of improving the practical application of the will are proposed with due regard for the liquidity of the estate and arrangements for dependants. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in which responses show that responsible decisions using critical and creative thinking have been made in advising a client on estate planning. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise him/herself and his/her own activities by planning for review. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in analysing a client's asset. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in advising a client on estate planning and developing an estate plan. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in dealing holistically with an estate plan. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Search words: Estate planning; will; estate duty; trusts. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66611   National Certificate: Wealth Management  Level 5  NQF Level 05  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.