Test your basic knowledge |

NICEP Certified Estate Planner

Instructions:

Answer 27 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. How does the full faith and credit clause effect trusts?
Conservator
It retains its community property status
Deems that a trust valid in one state is valid in all states
Guardian

2. What can you do to help with the estate planning process?
Non-terminal medical situations
No probate - Ease and speed of settlement - Full step up in cost basis
Gather information - Advise about the funding of the estate plan from a financial standpoint
Conservator

3. 3 Ways to Transfer Wealth at Death
Common Law state (CP comes from Spain - CL from England.)
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Guardian
By operation of law - By will - By contract

4. In charge of the physical welfare
It retains its community property status
Guardian
Foreigners and foreign corporations
Non-terminal medical situations

5. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Guardian
Fees
The probate court won't allow the trust to fail and will appoint a trustee if necessary

6. What happens to the cost basis of assets passing through...
No probate - Ease and speed of settlement - Full step up in cost basis
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Control and Protection
Will or a trust

7. If it's not a community property state - it's a _____________
Non-terminal medical situations
Common Law state (CP comes from Spain - CL from England.)
Term for person empowered under LW and DHCPOA?
Guardian

8. Phases of the Probate Process
Control and Protection
Estate
Assessing the estate - Filings and payment - Distribution of assets to the heirs
To establish guarianship or conservatorship

9. The systematic development and redevelopment of goals - policies - and procedures.
Planning
Fees
Stand-by Will
Biggest Potential Liability to Estate Planners

10. What happens if a trustee fails to act?

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11. DHCPOA for...
Non-terminal medical situations
Control and Protection
Living Wills for terminal situations
Fees

12. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Control and Protection
Living Wills for terminal situations
It retains its community property status
Deems that a trust valid in one state is valid in all states

13. The unlicensed practice of law!
Oversee - supervise - or control
Legally binding
Biggest Potential Liability to Estate Planners
No

14. When would a client need a Living Probate?
To establish guarianship or conservatorship
Deems that a trust valid in one state is valid in all states
Guardian
No probate - Ease and speed of settlement - Full step up in cost basis

15. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
No probate - Ease and speed of settlement - Full step up in cost basis
Living Wills for terminal situations
Legally binding
Oversee - supervise - or control

16. What does an advisor lack to protect himself from UPL?
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance
Biggest Potential Liability to Estate Planners

17. Another Name for a Pour Over Will
No
Common Law state (CP comes from Spain - CL from England.)
Fees
Stand-by Will

18. Can you counsel an individual client about estate planning documents?
No
No probate - Ease and speed of settlement - Full step up in cost basis
Gather information - Advise about the funding of the estate plan from a financial standpoint
Non-terminal medical situations

19. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Conservator
Fees
Estate
Foreigners and foreign corporations

20. LW -- healthcare proxy
Living Wills for terminal situations
Term for person empowered under LW and DHCPOA?
Control and Protection
Will or a trust

21. What can attorneys and advisors never split?
Non-terminal medical situations
Fees
Stand-by Will
Common Law state (CP comes from Spain - CL from England.)

22. You cannot recommend that an individual client have a...
Estate
Will or a trust
Biggest Potential Liability to Estate Planners
Term for person empowered under LW and DHCPOA?

23. What happens to community property when a couple moves to a common law state?
Deems that a trust valid in one state is valid in all states
It retains its community property status
Foreigners and foreign corporations
By operation of law - By will - By contract

24. 2 Main Areas of Client Concern
Control and Protection
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Living Wills for terminal situations
Stand-by Will

25. _____________________ can act as trustees in this country
Biggest Potential Liability to Estate Planners
Foreigners and foreign corporations
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Planning

26. You cannot __________ the production of the individual client's will or trust
To establish guarianship or conservatorship
Oversee - supervise - or control
Stand-by Will
Estate

27. In charge of the business and financial affairs
Guardian
Conservator
Stand-by Will
By operation of law - By will - By contract