12. Planning for later life

Tier 1

12.1.1Awareness of what a will is and why you may have one
12.1.2Awareness of pre-paid funeral plans
12.1.3Awareness of the factors that contribute towards funeral costs (e.g. casket, cremation, burial etc.)
12.1.4Awareness of support available nationally and locally for carers
12.1.5Awareness of the complexity of care costs
12.1.6Awareness of Power of Attorney and third party access
12.1.7Signpost or refer customers to appropriate sources of information and support
12.1.8Awareness of scams and what to do if a customer has been the subject of a scam

Tier 2

12.2.1Knowledge of the process for creating a will
12.2.2Knowledge of the difference between a will and a trust
12.2.3Knowledge of what a pre-paid funeral plan usually includes and who provides them
12.2.4Knowledge 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
12.2.5Knowledge of Power of Attorney, how to obtain it and the areas that it covers
12.2.6Knowledge of the impact of claiming support on other benefits entitlements
12.2.7Knowledge of inheritance tax, when this applies and when this doesn’t apply
12.2.8Knowledge of care costs and funding available (e.g. NHS continuing Healthcare, Local Authority funding support etc.)
12.2.9Knowledge of equity release 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)

Tier 3

12.3.1Knowledge of the use of wills and trusts and the role of an Attorney and an Executor
12.3.2Knowledge 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)
12.3.3Knowledge of the use of trusts and other structures to meet long-term wishes
12.3.4Knowledge of the impact of intestacy (including when partners are not married/civil partnership), powers of attorney or court protection
12.3.5Knowledge of care cost funding appeals processes
12.3.6Understanding of probate and how this can affect liability for debts

Further information

Here you will find further information to help meet the competencies in the framework and in doing so your customers too.

It includes relevant training and qualifications to the particular domain (identified by a mapping exercise carried out in 2019). These links are provided for your information and should not be interpreted as approval or endorsement of the materials.

It also includes links to further information on a range of relevant domain topics. Many of these links go to the MAS website, where you can get up to date information on most of the topics along with links to other organisations and sources of support.

This information is by no means exhaustive but our intention is that it will strengthen and grow over the course of the future programme.

We have put together a directory of further information to help you meet the competencies in the framework that will also support the people you help too.

It includes relevant training and qualifications for each domain (identified by a mapping exercise carried out in 2019).

The links to training and qualifications are provided for your information and should not be interpreted as approval or endorsement of the materials. Before signing up, it is important to check the credentials of the organisation if you are not familiar with them.

Things to think about include:

  • Will you get professional or recognised accreditation?
  • Can you get recommendations from your network?
  • Could you negotiate discounts by grouping together with other practitioners?

There are also links to further information on a range of relevant domain topics. Many of these links go to the MAS website, where you can get up to date information along with links to other organisations and sources of support. You can signpost people to these sources or use them as a basis for direct guidance. This information will be very useful for supporting your skills and knowledge in tiers 1, 2 and 3 technical domains.

Bear in mind this information is intended as a starting point and we plan to add further resources as we become aware of them to create a comprehensive database that will strengthen and grow as the programme develops.

Please do let us know of any training, qualifications or information resources that you use and think would help other practitioners by contacting us.

Qualifications

LIBF Level 6 Diploma in Financial Advice

The Open University – You and Your Money (DB125)

Training

Quaker Social Action – Starting conversations about money – workshop

The Money Advice Trust – Wiseradviser – Introduction to money advice (England & Wales)

The Money Advice Trust – Wiseradviser – Introduction to money advice (Northern Ireland)

The Money Advice Trust – Wiseradviser – Introduction to money advice (Scotland)

Advice NI – Preparing for Retirement

Information and guidance sources of support

The Money Advice Service – Wills and funeral costs

The Money Advice Service – Power of Attorney

The Money Advice Service – Help for carers

The Money Advice Service – Care costs

The Money Advice Service – Setting up a trust

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