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

2. What does an advisor lack to protect himself from UPL?
Malpractice insurance
Foreigners and foreign corporations
The probate court won't allow the trust to fail and will appoint a trustee if necessary
To establish guarianship or conservatorship

3. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Guardian
Control and Protection
Legally binding
Estate

4. Main Benefits of Transferring Wealth by Contract
Biggest Potential Liability to Estate Planners
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
Living Wills for terminal situations

5. _____________________ can act as trustees in this country
Oversee - supervise - or control
It retains its community property status
Foreigners and foreign corporations
Biggest Potential Liability to Estate Planners

6. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Planning
By operation of law - By will - By contract
Living Wills for terminal situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs

7. What can attorneys and advisors never split?
Estate
Oversee - supervise - or control
Fees
By operation of law - By will - By contract

8. What happens to the cost basis of assets passing through...
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Malpractice insurance
Conservator
Term for person empowered under LW and DHCPOA?

9. If it's not a community property state - it's a _____________
Stand-by Will
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Legally binding
Common Law state (CP comes from Spain - CL from England.)

10. 3 Ways to Transfer Wealth at Death
Living Wills for terminal situations
By operation of law - By will - By contract
It retains its community property status
No probate - Ease and speed of settlement - Full step up in cost basis

11. What can you do to help with the estate planning process?
Fees
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)
Control and Protection

12. You cannot recommend that an individual client have a...
Malpractice insurance
Stand-by Will
Fees
Will or a trust

13. You cannot __________ the production of the individual client's will or trust
Living Wills for terminal situations
Legally binding
Oversee - supervise - or control
Deems that a trust valid in one state is valid in all states

14. What happens if a trustee fails to act?

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15. What happens to community property when a couple moves to a common law state?
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint
Oversee - supervise - or control
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

16. DHCPOA for...
Deems that a trust valid in one state is valid in all states
Legally binding
Non-terminal medical situations
Common Law state (CP comes from Spain - CL from England.)

17. 2 Main Areas of Client Concern
Assessing the estate - Filings and payment - Distribution of assets to the heirs
It retains its community property status
Control and Protection
To establish guarianship or conservatorship

18. Another Name for a Pour Over Will
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Control and Protection
Stand-by Will
Will or a trust

19. In charge of the physical welfare
Will or a trust
Legally binding
Guardian
Foreigners and foreign corporations

20. Can you counsel an individual client about estate planning documents?
Stand-by Will
No
Malpractice insurance
It retains its community property status

21. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Will or a trust
Deems that a trust valid in one state is valid in all states
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Estate

22. LW -- healthcare proxy
Fees
Term for person empowered under LW and DHCPOA?
Common Law state (CP comes from Spain - CL from England.)
No probate - Ease and speed of settlement - Full step up in cost basis

23. How does the full faith and credit clause effect trusts?
Term for person empowered under LW and DHCPOA?
No probate - Ease and speed of settlement - Full step up in cost basis
Control and Protection
Deems that a trust valid in one state is valid in all states

24. The systematic development and redevelopment of goals - policies - and procedures.
Planning
Deems that a trust valid in one state is valid in all states
Living Wills for terminal situations
Legally binding

25. The unlicensed practice of law!
Stand-by Will
Biggest Potential Liability to Estate Planners
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

26. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding
Estate
No probate - Ease and speed of settlement - Full step up in cost basis

27. In charge of the business and financial affairs
No probate - Ease and speed of settlement - Full step up in cost basis
Deems that a trust valid in one state is valid in all states
Estate
Conservator