Elements and Performance Criteria

The Range of Variables explains the contexts within which the performance and knowledge requirements of this standard may be assessed. The scope of variables chosen in training and assessment requirements may depend on the work situations available.

What contingency and succession arrangements might be relevant?
The employment of a manager, family succession, staged introduction of changeover, the use of consultants to supervise staff, leasing or share farming the property to others, and contingency management arrangements in the event of death, separation or accident could be relevant.
The need for management or specific agricultural training for successor or proposed managers may also be required.

What enterprise and individual requirements might there be?
Requirements might include: gradual transfers of responsibility, income continuation options, need for a retirement home on property or separate to property, need to ensure that enterprise remains a "going concern"/profitable, and management training.

What might be considered as income continuation options?
Superannuation annuities, income generating off-farm investments, repayments of loans by family members purchasing the family assets, and sale of assets.

What needs might have to be considered?
Need may relate to: clarifying transition arrangements, new or changed role definition, security, equity, degree of responsibility, clear information and direction, contractual and legal requirements for clarity and security, and inheritance expectations.

Which relevant parties might plans be communicated to?
These could include other family members, farm managers and external contacts such as enterprise accountant and solicitor.

What apparent inequities might need to be discussed and clarified?
Inequities might relate to estate distribution and succession planning.

How might mediation occur?
Mediation and negotiation may occur with or without professional assistance.

What legal implications might need to be considered?
Wills, contracts and agreements, title deeds, enterprise/company structure and superannuation might need to be considered.

Who might be called upon to provide external advice?
Solicitor, accountants, management/estate planning consultants, financial consultants and planners, and taxation experts

What strategies might be considered?
Implementing transition arrangements made during normal life expectancy. Wills, agreements, share-farming, acquisition of additional properties, trust funds, management/corporate transitions, estate planning procedures, housing and income options for retirement may be considered in strategically distributing the estate.

What considerations might there be in relation to estate structures?
The proposed and current structure of the enterprise might need to be considered. The size, profitability, strategic position of the enterprise, market trends and competitive factors might also need to be considered.

What might need to be monitored and reviewed in the process of making transfer arrangements?
Superannuation requirements might need to be reviewed in light of business performance. Plans for estate transfer may need to be reviewed and revised as circumstances, legislation and other relevant factors change, and ownership arrangements may need review in the light of tax and estate planning considerations.

What relevant documentation might need to be completed or altered?
Documents may include: wills, contracts, superannuation investment, taxation and company documents.

What contingency and succession arrangements might be relevant?
The employment of a manager, family succession, staged introduction of changeover, the use of consultants to supervise staff, leasing or share farming the property to others, and contingency management arrangements in the event of death, separation or accident could be relevant.
The need for management or specific agricultural training for successor or proposed managers may also be required.

What enterprise and individual requirements might there be?
Requirements might include: gradual transfers of responsibility, income continuation options, need for a retirement home on property or separate to property, need to ensure that enterprise remains a "going concern"/profitable, and management training.

What might be considered as income continuation options?
Superannuation annuities, income generating off-farm investments, repayments of loans by family members purchasing the family assets, and sale of assets.

What needs might have to be considered?
Need may relate to: clarifying transition arrangements, new or changed role definition, security, equity, degree of responsibility, clear information and direction, contractual and legal requirements for clarity and security, and inheritance expectations.

Which relevant parties might plans be communicated to?
These could include other family members, farm managers and external contacts such as enterprise accountant and solicitor.

What apparent inequities might need to be discussed and clarified?
Inequities might relate to estate distribution and succession planning.

How might mediation occur?
Mediation and negotiation may occur with or without professional assistance.

What legal implications might need to be considered?
Wills, contracts and agreements, title deeds, enterprise/company structure and superannuation might need to be considered.

Who might be called upon to provide external advice?
Solicitor, accountants, management/estate planning consultants, financial consultants and planners, and taxation experts

What strategies might be considered?
Implementing transition arrangements made during normal life expectancy. Wills, agreements, share-farming, acquisition of additional properties, trust funds, management/corporate transitions, estate planning procedures, housing and income options for retirement may be considered in strategically distributing the estate.

What considerations might there be in relation to estate structures?
The proposed and current structure of the enterprise might need to be considered. The size, profitability, strategic position of the enterprise, market trends and competitive factors might also need to be considered.

What might need to be monitored and reviewed in the process of making transfer arrangements?
Superannuation requirements might need to be reviewed in light of business performance. Plans for estate transfer may need to be reviewed and revised as circumstances, legislation and other relevant factors change, and ownership arrangements may need review in the light of tax and estate planning considerations.

What relevant documentation might need to be completed or altered?
Documents may include: wills, contracts, superannuation investment, taxation and company documents.

What evidence is required to demonstrate competence for this standard as a whole?
Competence in managing estate planning requires evidence that demonstrates the ability to plan for and implement the transition of an estate and to communicate arrangements to all relevant parties. Competence is required in identifying personal and business goals, and providing for own retirement while ensuring that the enterprise remains viable. Plans for estate transition need to be made clear to all relevant parties.
The skills and knowledge required to manage estate planning must be transferable to a different work environment. For example, if competence is demonstrated in managing estate planning for a small enterprise, it must also be evident in providing information in medium or large enterprise environment.
What specific knowledge is needed to achieve the performance criteria?

Knowledge and understanding are essential to apply this standard in the workplace, to transfer the skills to other contexts, and to deal with unplanned events. The knowledge requirements for this competency standard are listed below:

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.

What specific skills are needed to achieve the performance criteria?

To achieve the performance criteria, appropriate literacy and numeracy levels as well as some complementary skills are required. These include the ability to:

effectively communicate with family members and external experts and staff on succession arrangements and estate planning
separate personal goals from enterprise goals
negotiate, mediate and seek assistance in dispute resolution as necessary
behave ethically
define agreements and contracts
logically consider investment financial and retirement options.

Are there other competency standards that could be assessed with this one?
This competency standard

Essential Assessment Information
There is essential information about

What specific knowledge is needed to achieve the performance criteria?

Knowledge and understanding are essential to apply this standard in the workplace, to transfer the skills to other contexts, and to deal with unplanned events. The knowledge requirements for this competency standard are listed below:

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.

What specific skills are needed to achieve the performance criteria?

To achieve the performance criteria, appropriate literacy and numeracy levels as well as some complementary skills are required. These include the ability to:

effectively communicate with family members and external experts and staff on succession arrangements and estate planning
separate personal goals from enterprise goals
negotiate, mediate and seek assistance in dispute resolution as necessary
behave ethically
define agreements and contracts
logically consider investment financial and retirement options.

Are there other competency standards that could be assessed with this one?
This competency standard

Essential Assessment Information
There is essential information about

There are a number of processes that are learnt throughout work and life, which are required in all jobs. They are fundamental processes and generally transferable to other work functions. Some of these are covered by the key competencies, although others may be added. The questions below highlight how these processes are applied in this competency standard. Following each question a number in brackets indicates the level to which the key competency needs to be demonstrated where 0 = not required, 1 = perform the process, 2 = perform and administer the process and 3 = perform, administer and design the process.
Communicating ideas and information
In communicating estate planning ideas and arrangements to other family members and external experts. (2)

Communicating ideas and information
In communicating estate planning ideas and arrangements to other family members and external experts. (2)

Collecting analysing and organising information
In determining superannuation, investment and retirement options, and options for estate structure. (2)

Collecting analysing and organising information
In determining superannuation, investment and retirement options, and options for estate structure. (2)

Planning and organising activities
In planning for succession and contingency management, communicating options, and in organising to discuss/make arrangements with external experts. (2)

Planning and organising activities
In planning for succession and contingency management, communicating options, and in organising to discuss/make arrangements with external experts. (2)

Working with others and in teams
In managing the transfer of the estate and in organising alternative management arrangements. (2)

Working with others and in teams
In managing the transfer of the estate and in organising alternative management arrangements. (2)

Using mathematical ideas and techniques
In calculating superannuation returns, retirement income needs, investment options and enterprise returns. (2)

Using mathematical ideas and techniques
In calculating superannuation returns, retirement income needs, investment options and enterprise returns. (2)

Solving problems
In mediating and resolving conflict over estate arrangements, responsibilities and entitlements. (2)

Solving problems
In mediating and resolving conflict over estate arrangements, responsibilities and entitlements. (2)

Using technology
To calculate retirement income, superannuation and investment returns and to prepare documents. (2)

Using technology
To calculate retirement income, superannuation and investment returns and to prepare documents. (2)