Modification History
Not Applicable
Unit Descriptor
Unit descriptor |
This unit covers the process of managing an estate and defines the standard required to: identify estate planning requirements; clarify estate planning arrangements; implement estate planning. |
Application of the Unit
Application of the unit |
This unit relates to the process of managing and planning the succession and distribution of an estate within a family agricultural business context. |
Licensing/Regulatory Information
Not Applicable
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Not Applicable
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Identify estate planning requirements |
1.1. Contingency and succession arrangements are identified and assessed against enterprise and individual requirements. 1.2. Income continuation options are identified and evaluated to find best fit for enterprise requirements. 1.3. Personal and business goals are identified and distinguished. 1.4. Needs of those affected by succession arrangements are considered and taken account of in estate planning. |
2. Clarify estate planning arrangements |
2.1. Plans for retirement and inheritance are made clear to all relevant parties. 2.2. Apparent inequities in estate distribution are discussed, clarified and mediated. 2.3. Legal implications of succession planning are accounted for in determining succession arrangements and estate distribution. 2.4. External advice is sought as required to clarify obligations and potential effects on business performance. |
3. Implement estate planning |
3.1. Strategies for estate distribution and succession are determined and implemented. 3.2. Estate structures and transfer arrangements are monitored and reviewed against tax and legislative requirements. 3.3. Estate planning and succession is monitored against enterprise performance. 3.4. Relevant documentation is completed to meet legal and procedural obligations, and to avoid legal complications. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following:
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Context of and specific resources for assessment |
Competency requires the application of work practices under work conditions. Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances. |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. |
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Factors influencing planning may include: |
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Unit Sector(s)
Unit sector |
Agribusiness |
Co-requisite units
Co-requisite units |
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Competency field
Competency field |