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. Main Benefits of Transferring Wealth by Contract
Living Wills for terminal situations
Guardian
No probate - Ease and speed of settlement - Full step up in cost basis
Legally binding

2. In charge of the physical welfare
Guardian
Non-terminal medical situations
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Gather information - Advise about the funding of the estate plan from a financial standpoint

3. The systematic development and redevelopment of goals - policies - and procedures.
Guardian
Planning
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Control and Protection

4. When would a client need a Living Probate?
No
Non-terminal medical situations
To establish guarianship or conservatorship
Deems that a trust valid in one state is valid in all states

5. 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
To establish guarianship or conservatorship
Term for person empowered under LW and DHCPOA?

6. What does an advisor lack to protect himself from UPL?
Legally binding
Oversee - supervise - or control
Malpractice insurance
Fees

7. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Malpractice insurance
Estate
No

8. What happens to community property when a couple moves to a common law state?
Control and Protection
Malpractice insurance
It retains its community property status
To establish guarianship or conservatorship

9. You cannot recommend that an individual client have a...
Biggest Potential Liability to Estate Planners
Will or a trust
Legally binding
By operation of law - By will - By contract

10. What can attorneys and advisors never split?
Term for person empowered under LW and DHCPOA?
Deems that a trust valid in one state is valid in all states
Fees
The probate court won't allow the trust to fail and will appoint a trustee if necessary

11. What happens to the cost basis of assets passing through...
Conservator
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Stand-by Will
No

12. If it's not a community property state - it's a _____________
Common Law state (CP comes from Spain - CL from England.)
By operation of law - By will - By contract
No
Fees

13. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Guardian
Estate
Deems that a trust valid in one state is valid in all states
Legally binding

14. You cannot __________ the production of the individual client's will or trust
Gather information - Advise about the funding of the estate plan from a financial standpoint
Oversee - supervise - or control
Conservator
Fees

15. _____________________ can act as trustees in this country
Estate
Guardian
Term for person empowered under LW and DHCPOA?
Foreigners and foreign corporations

16. DHCPOA for...
Legally binding
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Non-terminal medical situations
No

17. Another Name for a Pour Over Will
Stand-by Will
To establish guarianship or conservatorship
Malpractice insurance
Non-terminal medical situations

18. 2 Main Areas of Client Concern
Legally binding
No probate - Ease and speed of settlement - Full step up in cost basis
Control and Protection
Fees

19. Can you counsel an individual client about estate planning documents?
No
Will or a trust
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Assessing the estate - Filings and payment - Distribution of assets to the heirs

20. What happens if a trustee fails to act?

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

21. What can you do to help with the estate planning process?
Gather information - Advise about the funding of the estate plan from a financial standpoint
Will or a trust
Malpractice insurance
The probate court won't allow the trust to fail and will appoint a trustee if necessary

22. LW -- healthcare proxy
Will or a trust
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
Term for person empowered under LW and DHCPOA?

23. 3 Ways to Transfer Wealth at Death
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Oversee - supervise - or control

24. How does the full faith and credit clause effect trusts?
Common Law state (CP comes from Spain - CL from England.)
By operation of law - By will - By contract
Deems that a trust valid in one state is valid in all states
Legally binding

25. Phases of the Probate Process
Guardian
Deems that a trust valid in one state is valid in all states
Common Law state (CP comes from Spain - CL from England.)
Assessing the estate - Filings and payment - Distribution of assets to the heirs

26. The unlicensed practice of law!
Gather information - Advise about the funding of the estate plan from a financial standpoint
Biggest Potential Liability to Estate Planners
Control and Protection
Term for person empowered under LW and DHCPOA?

27. In charge of the business and financial affairs
Planning
Biggest Potential Liability to Estate Planners
By operation of law - By will - By contract
Conservator