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 a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
No
Term for person empowered under LW and DHCPOA?
Conservator

2. In charge of the physical welfare
Guardian
Oversee - supervise - or control
No
It retains its community property status

3. What can attorneys and advisors never split?
Fees
Foreigners and foreign corporations
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Non-terminal medical situations

4. You cannot recommend that an individual client have a...
Planning
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Control and Protection
Will or a trust

5. The unlicensed practice of law!
Biggest Potential Liability to Estate Planners
Non-terminal medical situations
Stand-by Will
Estate

6. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Will or a trust
Conservator
Guardian

7. 2 Main Areas of Client Concern
By operation of law - By will - By contract
Deems that a trust valid in one state is valid in all states
Control and Protection
Planning

8. What happens to the cost basis of assets passing through...
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Foreigners and foreign corporations
Non-terminal medical situations
Control and Protection

9. The systematic development and redevelopment of goals - policies - and procedures.
No probate - Ease and speed of settlement - Full step up in cost basis
Biggest Potential Liability to Estate Planners
Planning
Living Wills for terminal situations

10. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Planning
Gather information - Advise about the funding of the estate plan from a financial standpoint
Estate
Living Wills for terminal situations

11. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract
Non-terminal medical situations
Conservator

12. What happens to community property when a couple moves to a common law state?
No probate - Ease and speed of settlement - Full step up in cost basis
Oversee - supervise - or control
Malpractice insurance
It retains its community property status

13. What happens if a trustee fails to act?

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14. Another Name for a Pour Over Will
It retains its community property status
By operation of law - By will - By contract
Stand-by Will
Term for person empowered under LW and DHCPOA?

15. When would a client need a Living Probate?
Legally binding
Control and Protection
To establish guarianship or conservatorship
Deems that a trust valid in one state is valid in all states

16. LW -- healthcare proxy
Living Wills for terminal situations
Term for person empowered under LW and DHCPOA?
Guardian
Fees

17. How does the full faith and credit clause effect trusts?
Living Wills for terminal situations
Control and Protection
No
Deems that a trust valid in one state is valid in all states

18. What does an advisor lack to protect himself from UPL?
Malpractice insurance
Conservator
Will or a trust
Foreigners and foreign corporations

19. In charge of the business and financial affairs
Guardian
Conservator
Legally binding
Malpractice insurance

20. DHCPOA for...
Non-terminal medical situations
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)
Conservator

21. If it's not a community property state - it's a _____________
Stand-by Will
Legally binding
No probate - Ease and speed of settlement - Full step up in cost basis
Common Law state (CP comes from Spain - CL from England.)

22. You cannot __________ the production of the individual client's will or trust
Common Law state (CP comes from Spain - CL from England.)
Oversee - supervise - or control
Planning
Biggest Potential Liability to Estate Planners

23. _____________________ can act as trustees in this country
Non-terminal medical situations
Foreigners and foreign corporations
Malpractice insurance
Term for person empowered under LW and DHCPOA?

24. 3 Ways to Transfer Wealth at Death
No probate - Ease and speed of settlement - Full step up in cost basis
Biggest Potential Liability to Estate Planners
Common Law state (CP comes from Spain - CL from England.)
By operation of law - By will - By contract

25. Can you counsel an individual client about estate planning documents?
Planning
Malpractice insurance
Biggest Potential Liability to Estate Planners
No

26. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Biggest Potential Liability to Estate Planners
Legally binding
Term for person empowered under LW and DHCPOA?
Guardian

27. What can you do to help with the estate planning process?
Stand-by Will
Conservator
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint