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 systematic development and redevelopment of goals - policies - and procedures.
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract
To establish guarianship or conservatorship
Planning

2. What happens to community property when a couple moves to a common law state?
Stand-by Will
Legally binding
It retains its community property status
Living Wills for terminal situations

3. You cannot recommend that an individual client have a...
Legally binding
Estate
Will or a trust
No

4. How does the full faith and credit clause effect trusts?
No
Deems that a trust valid in one state is valid in all states
It retains its community property status
Stand-by Will

5. What happens if a trustee fails to act?

6. Another Name for a Pour Over Will
Guardian
Biggest Potential Liability to Estate Planners
Stand-by Will
Living Wills for terminal situations

7. You cannot __________ the production of the individual client's will or trust
The probate court won't allow the trust to fail and will appoint a trustee if necessary
No probate - Ease and speed of settlement - Full step up in cost basis
Term for person empowered under LW and DHCPOA?
Oversee - supervise - or control

8. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Term for person empowered under LW and DHCPOA?
Planning
It retains its community property status

9. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Living Wills for terminal situations
Legally binding
Fees
Oversee - supervise - or control

10. In charge of the physical welfare
Term for person empowered under LW and DHCPOA?
No probate - Ease and speed of settlement - Full step up in cost basis
Guardian
Oversee - supervise - or control

11. _____________________ can act as trustees in this country
Foreigners and foreign corporations
Living Wills for terminal situations
Estate
Legally binding

12. What does an advisor lack to protect himself from UPL?
Non-terminal medical situations
Gather information - Advise about the funding of the estate plan from a financial standpoint
Stand-by Will
Malpractice insurance

13. In charge of the business and financial affairs
To establish guarianship or conservatorship
Conservator
Gather information - Advise about the funding of the estate plan from a financial standpoint
Living Wills for terminal situations

14. What happens to the cost basis of assets passing through...
Guardian
Estate
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Planning

15. 3 Ways to Transfer Wealth at Death
Malpractice insurance
Oversee - supervise - or control
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract

16. When would a client need a Living Probate?
To establish guarianship or conservatorship
It retains its community property status
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

17. If it's not a community property state - it's a _____________
Estate
Control and Protection
Common Law state (CP comes from Spain - CL from England.)
Biggest Potential Liability to Estate Planners

18. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Estate
Term for person empowered under LW and DHCPOA?
Control and Protection
Living Wills for terminal situations

19. The unlicensed practice of law!
Common Law state (CP comes from Spain - CL from England.)
Biggest Potential Liability to Estate Planners
Non-terminal medical situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs

20. What can you do to help with the estate planning process?
Common Law state (CP comes from Spain - CL from England.)
By operation of law - By will - By contract
Gather information - Advise about the funding of the estate plan from a financial standpoint
Fees

21. How does a Living Will differ from a Durable Healthcare Power of Attorney?
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Conservator
Living Wills for terminal situations
Guardian

22. What can attorneys and advisors never split?
Planning
Estate
Fees
Common Law state (CP comes from Spain - CL from England.)

23. LW -- healthcare proxy
It retains its community property status
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
Fees

24. DHCPOA for...
Non-terminal medical situations
Control and Protection
Biggest Potential Liability to Estate Planners
Malpractice insurance

25. Can you counsel an individual client about estate planning documents?
Planning
No
Conservator
Will or a trust

26. Phases of the Probate Process
Stand-by Will
Estate
Assessing the estate - Filings and payment - Distribution of assets to the heirs
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

27. 2 Main Areas of Client Concern
Living Wills for terminal situations
By operation of law - By will - By contract
Control and Protection
Estate