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
Foreigners and foreign corporations
Malpractice insurance
Stand-by Will
Gather information - Advise about the funding of the estate plan from a financial standpoint

2. What happens to community property when a couple moves to a common law state?
Stand-by Will
Term for person empowered under LW and DHCPOA?
Oversee - supervise - or control
It retains its community property status

3. The systematic development and redevelopment of goals - policies - and procedures.
By operation of law - By will - By contract
To establish guarianship or conservatorship
Planning
Non-terminal medical situations

4. What happens if a trustee fails to act?

5. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
It retains its community property status
Estate
Legally binding
Will or a trust

6. _____________________ can act as trustees in this country
By operation of law - By will - By contract
Fees
Foreigners and foreign corporations
Will or a trust

7. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Planning
Estate
Living Wills for terminal situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs

8. In charge of the business and financial affairs
Guardian
Gather information - Advise about the funding of the estate plan from a financial standpoint
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Conservator

9. The unlicensed practice of law!
Legally binding
Biggest Potential Liability to Estate Planners
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

10. What does an advisor lack to protect himself from UPL?
To establish guarianship or conservatorship
Malpractice insurance
By operation of law - By will - By contract
Common Law state (CP comes from Spain - CL from England.)

11. What can you do to help with the estate planning process?
Foreigners and foreign corporations
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint
Assessing the estate - Filings and payment - Distribution of assets to the heirs

12. 2 Main Areas of Client Concern
No
Control and Protection
Term for person empowered under LW and DHCPOA?
By operation of law - By will - By contract

13. What can attorneys and advisors never split?
Biggest Potential Liability to Estate Planners
Planning
Fees
It retains its community property status

14. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Non-terminal medical situations
Living Wills for terminal situations
Deems that a trust valid in one state is valid in all states
Planning

15. Phases of the Probate Process
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Malpractice insurance
Assessing the estate - Filings and payment - Distribution of assets to the heirs
It retains its community property status

16. How does the full faith and credit clause effect trusts?
Deems that a trust valid in one state is valid in all states
Gather information - Advise about the funding of the estate plan from a financial standpoint
Planning
Living Wills for terminal situations

17. If it's not a community property state - it's a _____________
Legally binding
Common Law state (CP comes from Spain - CL from England.)
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract

18. You cannot recommend that an individual client have a...
No
Legally binding
Will or a trust
Living Wills for terminal situations

19. In charge of the physical welfare
Guardian
Foreigners and foreign corporations
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners

20. When would a client need a Living Probate?
To establish guarianship or conservatorship
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract
It retains its community property status

21. DHCPOA for...
Non-terminal medical situations
Conservator
Will or a trust
Gather information - Advise about the funding of the estate plan from a financial standpoint

22. Main Benefits of Transferring Wealth by Contract
Legally binding
No probate - Ease and speed of settlement - Full step up in cost basis
It retains its community property status
Conservator

23. Can you counsel an individual client about estate planning documents?
Term for person empowered under LW and DHCPOA?
Control and Protection
No
Gather information - Advise about the funding of the estate plan from a financial standpoint

24. What happens to the cost basis of assets passing through...
By operation of law - By will - By contract
Foreigners and foreign corporations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Legally binding

25. You cannot __________ the production of the individual client's will or trust
Common Law state (CP comes from Spain - CL from England.)
Oversee - supervise - or control
Deems that a trust valid in one state is valid in all states
Planning

26. LW -- healthcare proxy
Living Wills for terminal situations
Non-terminal medical situations
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners

27. 3 Ways to Transfer Wealth at Death
Control and Protection
Living Wills for terminal situations
By operation of law - By will - By contract
Malpractice insurance