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. Another Name for a Pour Over Will
Gather information - Advise about the funding of the estate plan from a financial standpoint
Control and Protection
Stand-by Will
Legally binding

2. What happens to the cost basis of assets passing through...
Will or a trust
Term for person empowered under LW and DHCPOA?
Common Law state (CP comes from Spain - CL from England.)
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

3. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Legally binding
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Foreigners and foreign corporations
Will or a trust

4. The unlicensed practice of law!
Fees
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Biggest Potential Liability to Estate Planners
Non-terminal medical situations

5. Main Benefits of Transferring Wealth by Contract
To establish guarianship or conservatorship
No probate - Ease and speed of settlement - Full step up in cost basis
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Estate

6. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Biggest Potential Liability to Estate Planners
It retains its community property status
Living Wills for terminal situations

7. How does the full faith and credit clause effect trusts?
Foreigners and foreign corporations
Malpractice insurance
Deems that a trust valid in one state is valid in all states
Stand-by Will

8. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Deems that a trust valid in one state is valid in all states
Control and Protection
By operation of law - By will - By contract

9. In charge of the physical welfare
Estate
Non-terminal medical situations
Stand-by Will
Guardian

10. _____________________ can act as trustees in this country
Foreigners and foreign corporations
Gather information - Advise about the funding of the estate plan from a financial standpoint
No probate - Ease and speed of settlement - Full step up in cost basis
Common Law state (CP comes from Spain - CL from England.)

11. The systematic development and redevelopment of goals - policies - and procedures.
Foreigners and foreign corporations
Living Wills for terminal situations
Planning
To establish guarianship or conservatorship

12. What happens if a trustee fails to act?

13. LW -- healthcare proxy
No
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
Non-terminal medical situations

14. What can you do to help with the estate planning process?
Estate
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint

15. What can attorneys and advisors never split?
No
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Fees
Deems that a trust valid in one state is valid in all states

16. 3 Ways to Transfer Wealth at Death
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
Estate
Control and Protection

17. 2 Main Areas of Client Concern
Guardian
Non-terminal medical situations
No probate - Ease and speed of settlement - Full step up in cost basis
Control and Protection

18. When would a client need a Living Probate?
To establish guarianship or conservatorship
Living Wills for terminal situations
Deems that a trust valid in one state is valid in all states
Stand-by Will

19. DHCPOA for...
Deems that a trust valid in one state is valid in all states
Term for person empowered under LW and DHCPOA?
No
Non-terminal medical situations

20. You cannot recommend that an individual client have a...
Stand-by Will
Gather information - Advise about the funding of the estate plan from a financial standpoint
Will or a trust
Assessing the estate - Filings and payment - Distribution of assets to the heirs

21. In charge of the business and financial affairs
Biggest Potential Liability to Estate Planners
Legally binding
Conservator
Fees

22. Can you counsel an individual client about estate planning documents?
Gather information - Advise about the funding of the estate plan from a financial standpoint
No
Deems that a trust valid in one state is valid in all states
Term for person empowered under LW and DHCPOA?

23. If it's not a community property state - it's a _____________
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)
Guardian

24. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Common Law state (CP comes from Spain - CL from England.)
Biggest Potential Liability to Estate Planners
Planning
Estate

25. You cannot __________ the production of the individual client's will or trust
By operation of law - By will - By contract
Oversee - supervise - or control
Legally binding
Malpractice insurance

26. What happens to community property when a couple moves to a common law state?
It retains its community property status
Fees
Planning
To establish guarianship or conservatorship

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