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Competency Framework: planning for later life

🡨 Competency Framework Home

Technical Domains

12. Planning for later life

This domain is about issues relating to planning for later life, including: wills; trusts; pre-paid funeral plans; funeral costs; support for carers; care costs; Power of Attorney; intestacy probate; sources of support; scams. The domain comprises Tiers 1, 2 and 3. 

12.1.1 Awareness of what a will is and why you may have one
12.1.2 Awareness of pre-paid funeral plans
12.1.3 Awareness of the factors that contribute towards funeral costs (eg casket, cremation, burial etc.)
12.1.4 Awareness of support available nationally and locally for carers
12.1.5 Awareness of the complexity of care costs
12.1.6 Awareness of Power of Attorney and third party access
12.1.7 Signpost or refer customers to appropriate sources of information and support
12.1.8 Awareness of scams and what to do if a customer has been the subject of a scam
12.2.1 Knowledge of the process for creating a will
12.2.2 Knowledge of the difference between a will and a trust
12.2.3 Knowledge of what a pre-paid funeral plan usually includes and who provides them
12.2.4 Knowledge of the eligibility criteria and application process for support for carers (e.g. Carers Allowance), and other routes such as NHS and Local Authority funding
12.2.5 Knowledge of Power of Attorney, how to obtain it and the areas that it covers
12.2.6 Knowledge of the impact of claiming support on other benefits entitlements
12.2.7 Knowledge of inheritance tax, when this applies and when this doesn’t apply
12.2.8 Knowledge of care costs and funding available (e.g. NHS continuing Healthcare, Local Authority funding support etc.)
12.2.9 Knowledge of equity release and recognise the limits of advice that can be given (refer to Section D ‘The boundaries of the service and of your role’ and the description of advice)
12.3.1 Knowledge of the use of wills and trusts and the role of an Attorney and an Executor
12.3.2 Knowledge of the regulations covering wills and legacy planning and recognise the limits of advice that can be given (please refer to the boundaries of the service and of your role and the description of advice)
12.3.3 Knowledge of the use of trusts and other structures to meet long-term wishes
12.3.4 Knowledge of the impact of intestacy (including when partners are not married/civil partnership), powers of attorney or court protection
12.3.5 Knowledge of care cost funding appeals processes
12.3.6 Understanding of probate and how this can affect liability for debts
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Training and qualifications

Find out about external training for the planning for later life domain.

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Next step: check my confidence now

When you're clear on the boundaries in giving money guidance, and its breadth and depth, you’re ready to move on. See how confident you are in giving money guidance and get pointers.

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