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. The unlicensed practice of law!
To establish guarianship or conservatorship
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Biggest Potential Liability to Estate Planners

2. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Legally binding
Conservator
Planning
Oversee - supervise - or control

3. What can attorneys and advisors never split?
Fees
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding
No

4. You cannot __________ the production of the individual client's will or trust
Legally binding
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Oversee - supervise - or control
By operation of law - By will - By contract

5. How does the full faith and credit clause effect trusts?
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
Common Law state (CP comes from Spain - CL from England.)
Stand-by Will

6. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Guardian
To establish guarianship or conservatorship
It retains its community property status

7. _____________________ can act as trustees in this country
Conservator
Oversee - supervise - or control
Deems that a trust valid in one state is valid in all states
Foreigners and foreign corporations

8. The systematic development and redevelopment of goals - policies - and procedures.
Estate
Planning
Living Wills for terminal situations
By operation of law - By will - By contract

9. What happens to the cost basis of assets passing through...
Living Wills for terminal situations
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)
The probate court won't allow the trust to fail and will appoint a trustee if necessary

10. You cannot recommend that an individual client have a...
Malpractice insurance
Will or a trust
Guardian
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

11. In charge of the physical welfare
Guardian
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding

12. 3 Ways to Transfer Wealth at Death
Legally binding
By operation of law - By will - By contract
No probate - Ease and speed of settlement - Full step up in cost basis
Living Wills for terminal situations

13. What happens if a trustee fails to act?

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

15. What happens to community property when a couple moves to a common law state?
It retains its community property status
Fees
Deems that a trust valid in one state is valid in all states
Oversee - supervise - or control

16. What does an advisor lack to protect himself from UPL?
Malpractice insurance
The probate court won't allow the trust to fail and will appoint a trustee if necessary
It retains its community property status
Planning

17. Phases of the Probate Process
Common Law state (CP comes from Spain - CL from England.)
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance
Assessing the estate - Filings and payment - Distribution of assets to the heirs

18. Can you counsel an individual client about estate planning documents?
Foreigners and foreign corporations
Malpractice insurance
The probate court won't allow the trust to fail and will appoint a trustee if necessary
No

19. What can you do to help with the estate planning process?
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Gather information - Advise about the funding of the estate plan from a financial standpoint
No
Guardian

20. DHCPOA for...
Stand-by Will
Guardian
Estate
Non-terminal medical situations

21. LW -- healthcare proxy
Deems that a trust valid in one state is valid in all states
Common Law state (CP comes from Spain - CL from England.)
Term for person empowered under LW and DHCPOA?
Control and Protection

22. In charge of the business and financial affairs
Deems that a trust valid in one state is valid in all states
Oversee - supervise - or control
Will or a trust
Conservator

23. If it's not a community property state - it's a _____________
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Common Law state (CP comes from Spain - CL from England.)
Planning
Oversee - supervise - or control

24. When would a client need a Living Probate?
Control and Protection
No probate - Ease and speed of settlement - Full step up in cost basis
To establish guarianship or conservatorship
Living Wills for terminal situations

25. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Non-terminal medical situations
Guardian
Foreigners and foreign corporations

26. 2 Main Areas of Client Concern
Control and Protection
Common Law state (CP comes from Spain - CL from England.)
Conservator
No probate - Ease and speed of settlement - Full step up in cost basis

27. Another Name for a Pour Over Will
Planning
Stand-by Will
Deems that a trust valid in one state is valid in all states
Legally binding