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 can you do to help with the estate planning process?
Will or a trust
Control and Protection
Estate
Gather information - Advise about the funding of the estate plan from a financial standpoint

2. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
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.)
Living Wills for terminal situations

3. You cannot __________ the production of the individual client's will or trust
Oversee - supervise - or control
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance
Deems that a trust valid in one state is valid in all states

4. You cannot recommend that an individual client have a...
Estate
Will or a trust
Guardian
Oversee - supervise - or control

5. _____________________ can act as trustees in this country
Foreigners and foreign corporations
Deems that a trust valid in one state is valid in all states
Estate
Biggest Potential Liability to Estate Planners

6. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Legally binding
Term for person empowered under LW and DHCPOA?
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

7. Another Name for a Pour Over Will
Non-terminal medical situations
Gather information - Advise about the funding of the estate plan from a financial standpoint
Stand-by Will
Fees

8. 3 Ways to Transfer Wealth at Death
Estate
No probate - Ease and speed of settlement - Full step up in cost basis
Malpractice insurance
By operation of law - By will - By contract

9. What happens to the cost basis of assets passing through...
Control and Protection
By operation of law - By will - By contract
Guardian
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

10. The unlicensed practice of law!
Foreigners and foreign corporations
Deems that a trust valid in one state is valid in all states
Stand-by Will
Biggest Potential Liability to Estate Planners

11. DHCPOA for...
Non-terminal medical situations
Fees
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance

12. Can you counsel an individual client about estate planning documents?
To establish guarianship or conservatorship
No
Malpractice insurance
Living Wills for terminal situations

13. 2 Main Areas of Client Concern
Control and Protection
Deems that a trust valid in one state is valid in all states
Fees
Common Law state (CP comes from Spain - CL from England.)

14. The systematic development and redevelopment of goals - policies - and procedures.
Conservator
Common Law state (CP comes from Spain - CL from England.)
Fees
Planning

15. Phases of the Probate Process
No
Malpractice insurance
Biggest Potential Liability to Estate Planners
Assessing the estate - Filings and payment - Distribution of assets to the heirs

16. In charge of the business and financial affairs
No
Stand-by Will
Conservator
No probate - Ease and speed of settlement - Full step up in cost basis

17. What does an advisor lack to protect himself from UPL?
Malpractice insurance
No probate - Ease and speed of settlement - Full step up in cost basis
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

18. How does the full faith and credit clause effect trusts?
Guardian
Will or a trust
Deems that a trust valid in one state is valid in all states
It retains its community property status

19. If it's not a community property state - it's a _____________
Common Law state (CP comes from Spain - CL from England.)
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Biggest Potential Liability to Estate Planners
Conservator

20. When would a client need a Living Probate?
Malpractice insurance
Common Law state (CP comes from Spain - CL from England.)
Fees
To establish guarianship or conservatorship

21. What happens if a trustee fails to act?

22. What happens to community property when a couple moves to a common law state?
It retains its community property status
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Conservator
By operation of law - By will - By contract

23. What can attorneys and advisors never split?
Fees
No
Gather information - Advise about the funding of the estate plan from a financial standpoint
Legally binding

24. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Stand-by Will
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Conservator
Estate

25. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Non-terminal medical situations
Legally binding
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

26. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Legally binding
Living Wills for terminal situations
Planning
Term for person empowered under LW and DHCPOA?

27. In charge of the physical welfare
Guardian
Will or a trust
Foreigners and foreign corporations
By operation of law - By will - By contract