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?
Foreigners and foreign corporations
Deems that a trust valid in one state is valid in all states
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Living Wills for terminal situations

2. Can you counsel an individual client about estate planning documents?
By operation of law - By will - By contract
Common Law state (CP comes from Spain - CL from England.)
Biggest Potential Liability to Estate Planners
No

3. 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)
Deems that a trust valid in one state is valid in all states
Stand-by Will
Gather information - Advise about the funding of the estate plan from a financial standpoint

4. You cannot __________ the production of the individual client's will or trust
Living Wills for terminal situations
Malpractice insurance
Guardian
Oversee - supervise - or control

5. What does an advisor lack to protect himself from UPL?
By operation of law - By will - By contract
No probate - Ease and speed of settlement - Full step up in cost basis
Malpractice insurance
To establish guarianship or conservatorship

6. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Estate
Biggest Potential Liability to Estate Planners
Gather information - Advise about the funding of the estate plan from a financial standpoint
Conservator

7. Another Name for a Pour Over Will
Stand-by Will
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
Term for person empowered under LW and DHCPOA?

8. 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
Deems that a trust valid in one state is valid in all states
Oversee - supervise - or control
No

9. The systematic development and redevelopment of goals - policies - and procedures.
Planning
It retains its community property status
Living Wills for terminal situations
No

10. DHCPOA for...
Control and Protection
To establish guarianship or conservatorship
Non-terminal medical situations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

11. _____________________ can act as trustees in this country
Foreigners and foreign corporations
Conservator
No
Assessing the estate - Filings and payment - Distribution of assets to the heirs

12. What happens if a trustee fails to act?

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13. 2 Main Areas of Client Concern
No
Control and Protection
Term for person empowered under LW and DHCPOA?
Will or a trust

14. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Term for person empowered under LW and DHCPOA?
Foreigners and foreign corporations
Legally binding

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

16. What happens to community property when a couple moves to a common law state?
Oversee - supervise - or control
It retains its community property status
Biggest Potential Liability to Estate Planners
Will or a trust

17. In charge of the business and financial affairs
Assessing the estate - Filings and payment - Distribution of assets to the heirs
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Conservator
Gather information - Advise about the funding of the estate plan from a financial standpoint

18. When would a client need a Living Probate?
Planning
To establish guarianship or conservatorship
Gather information - Advise about the funding of the estate plan from a financial standpoint
Legally binding

19. The unlicensed practice of law!
Biggest Potential Liability to Estate Planners
Estate
Guardian
Planning

20. What can attorneys and advisors never split?
Assessing the estate - Filings and payment - Distribution of assets to the heirs
It retains its community property status
Fees
Conservator

21. Phases of the Probate Process
To establish guarianship or conservatorship
Estate
No
Assessing the estate - Filings and payment - Distribution of assets to the heirs

22. If it's not a community property state - it's a _____________
Oversee - supervise - or control
Gather information - Advise about the funding of the estate plan from a financial standpoint
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)

23. You cannot recommend that an individual client have a...
Stand-by Will
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Will or a trust
To establish guarianship or conservatorship

24. 3 Ways to Transfer Wealth at Death
Deems that a trust valid in one state is valid in all states
The probate court won't allow the trust to fail and will appoint a trustee if necessary
By operation of law - By will - By contract
Will or a trust

25. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
By operation of law - By will - By contract
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

26. In charge of the physical welfare
Legally binding
Common Law state (CP comes from Spain - CL from England.)
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Guardian

27. How does the full faith and credit clause effect trusts?
Biggest Potential Liability to Estate Planners
Deems that a trust valid in one state is valid in all states
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Legally binding