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Unit of competency details

AHCAGB602 - Manage estate planning (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to AHCAGB602A - Manage estate planningThis unit is equivalent to AHCAGB602A Manage estate planning 26/Jun/2016
Is superseded by and equivalent to AHCAGB607 - Manage succession planningTitle updated. Performance criteria clarified. Foundation skills added. Assessment requirements updated. 20/Oct/2019

Releases:
ReleaseRelease date
1 1 (this release) 27/Jun/2016

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080321 Farm Management And Agribusiness  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080321 Farm Management And Agribusiness  14/Oct/2016 
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Unit of competency

Modification History

Release

TP Version

Comment

1

AHCv1.0

Initial release

Application

This unit of competency describes the skills and knowledge required to manage and plan the succession and distribution of an estate within a family agricultural business context.

All work must be carried out to comply with workplace procedures, work health and safety legislation and codes, and sustainability practices.

This unit applies to individuals who take personal responsibility and exercise autonomy in undertaking complex work. They must analyse information and exercise judgement to complete a range of advanced skilled activities. They work in contexts that are subject to change and adapt a range of fundamental principles accordingly.

No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.

Pre-requisite Unit

Nil.

Unit Sector

Agribusiness (AGB)

Elements and Performance Criteria

Element

Performance criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify estate planning requirements

1.1 Identify and assess contingency and succession arrangements against enterprise and individual requirements

1.2 Identify and evaluate income continuation options to find best fit for enterprise requirements

1.3 Identify and distinguish personal and business goals

1.4 Consider needs of those affected by succession arrangements in estate planning

2. Clarify estate planning arrangements

2.1 Make clear plans for retirement and inheritance to all relevant parties

2.2 Consider legal and financial implications of succession planning in determining succession arrangements and estate distribution

2.3 Discuss, clarify and mediate apparent inequities in estate distribution

2.4 Seek external advice as required to clarify obligations and potential effects on business performance

3. Implement estate planning

3.1 Determine and implement strategies for estate distribution and succession

3.2 Monitor and review estate structures and transfer arrangements against tax and legislative requirements

3.3 Monitor estate planning and succession against enterprise performance

3.4 Complete relevant documentation to meet legal and procedural obligations

Foundation Skills

Foundation Skills essential to performance are explicit in the performance criteria of this unit of competency.

Range of Conditions

Unit Mapping Information

This unit is equivalent to AHCAGB602A Manage estate planning.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72

 

Assessment requirements

Modification History

Release

TP Version

Comment

1

AHCv1.0

Initial release

Performance Evidence

The candidate must be assessed on their ability to integrate and apply the performance requirements of this unit in a workplace setting. Performance must be demonstrated consistently over time and in a suitable range of contexts.

The candidate must provide evidence that they can:

  • identify estate planning requirements
  • clarify estate planning arrangements
  • implement estate planning
  • separate personal goals from enterprise goals
  • clarify and mediate apparent inequities in estate distribution with relevant parties where necessary
  • define agreements and contracts
  • consider investment, financial and retirement options.

Knowledge Evidence

The candidate must demonstrate knowledge of:

  • effective interpersonal communication techniques
  • conflict resolution, negotiation and mediation techniques
  • solve problems relating to estate management
  • goal setting strategies
  • working knowledge of estate structures, retirement options, wills and estate planning procedures.

Assessment Conditions

Competency is to be assessed in the workplace or simulated environment that accurately reflects performance in a real workplace setting.

Assessors must satisfy current standards for RTOs.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72

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