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. What does an advisor lack to protect himself from UPL?
Foreigners and foreign corporations
Conservator
By operation of law - By will - By contract
Malpractice insurance

2. 2 Main Areas of Client Concern
Planning
Gather information - Advise about the funding of the estate plan from a financial standpoint
Control and Protection
The probate court won't allow the trust to fail and will appoint a trustee if necessary

3. 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)
To establish guarianship or conservatorship
Will or a trust

4. What happens if a trustee fails to act?

5. 3 Ways to Transfer Wealth at Death
Legally binding
By operation of law - By will - By contract
Biggest Potential Liability to Estate Planners
Assessing the estate - Filings and payment - Distribution of assets to the heirs

6. Another Name for a Pour Over Will
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Living Wills for terminal situations
Stand-by Will
Will or a trust

7. The unlicensed practice of law!
No
Non-terminal medical situations
Conservator
Biggest Potential Liability to Estate Planners

8. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Guardian
Living Wills for terminal situations
Estate

9. Main Benefits of Transferring Wealth by Contract
Conservator
To establish guarianship or conservatorship
No probate - Ease and speed of settlement - Full step up in cost basis
Legally binding

10. What can you do to help with the estate planning process?
Fees
It retains its community property status
Malpractice insurance
Gather information - Advise about the funding of the estate plan from a financial standpoint

11. DHCPOA for...
Term for person empowered under LW and DHCPOA?
Planning
Non-terminal medical situations
Legally binding

12. The systematic development and redevelopment of goals - policies - and procedures.
To establish guarianship or conservatorship
Estate
Gather information - Advise about the funding of the estate plan from a financial standpoint
Planning

13. What can attorneys and advisors never split?
Fees
Will or a trust
Oversee - supervise - or control
Deems that a trust valid in one state is valid in all states

14. If it's not a community property state - it's a _____________
No probate - Ease and speed of settlement - Full step up in cost basis
Oversee - supervise - or control
Malpractice insurance
Common Law state (CP comes from Spain - CL from England.)

15. Phases of the Probate Process
Common Law state (CP comes from Spain - CL from England.)
Control and Protection
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding

16. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Conservator
Living Wills for terminal situations
Legally binding
Assessing the estate - Filings and payment - Distribution of assets to the heirs

17. LW -- healthcare proxy
Fees
Term for person empowered under LW and DHCPOA?
Malpractice insurance
Control and Protection

18. You cannot __________ the production of the individual client's will or trust
Malpractice insurance
Control and Protection
Common Law state (CP comes from Spain - CL from England.)
Oversee - supervise - or control

19. How does the full faith and credit clause effect trusts?
Foreigners and foreign corporations
No probate - Ease and speed of settlement - Full step up in cost basis
Deems that a trust valid in one state is valid in all states
Guardian

20. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Legally binding
Stand-by Will
Common Law state (CP comes from Spain - CL from England.)
Conservator

21. When would a client need a Living Probate?
Conservator
Common Law state (CP comes from Spain - CL from England.)
Gather information - Advise about the funding of the estate plan from a financial standpoint
To establish guarianship or conservatorship

22. _____________________ can act as trustees in this country
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Stand-by Will
Deems that a trust valid in one state is valid in all states
Foreigners and foreign corporations

23. In charge of the business and financial affairs
It retains its community property status
Conservator
No probate - Ease and speed of settlement - Full step up in cost basis
Will or a trust

24. You cannot recommend that an individual client have a...
To establish guarianship or conservatorship
Will or a trust
Stand-by Will
Foreigners and foreign corporations

25. In charge of the physical welfare
Guardian
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint
Term for person empowered under LW and DHCPOA?

26. Can you counsel an individual client about estate planning documents?
Fees
Will or a trust
Term for person empowered under LW and DHCPOA?
No

27. 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
Deems that a trust valid in one state is valid in all states
It retains its community property status
By operation of law - By will - By contract