List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
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 |
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.
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.
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.