This unit relates to the process of managing and planning the succession and distribution of an estate within a family agricultural business context.

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

separate personal goals from enterprise goals

behave ethically

define agreements and contracts

logically consider investment financial and retirement options

use literacy skills to fulfil job roles as required by the organisation. The level of skill may range from reading and understanding documentation to completion of written reports

use oral communication skills/language competence to fulfil the job role as specified by the organisation including questioning, active listening, asking for clarification, negotiating solutions and responding to a range of views

use numeracy skills to estimate, calculate and record complex workplace measures

use interpersonal skills to work with others and relate to people from a range of cultural, social and religious backgrounds and with a range of physical and mental abilities.

Required knowledge

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.

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.

Overview of assessment

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:

identify estate planning requirements

clarify estate planning arrangements

implement estate planning.

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.

The range statement relates to the unit of competency as a whole.

Factors influencing planning may include:

the size and asset classes of the estate

the range of options for their allocation.

Unit sector

Agribusiness

This unit contains employability skills.