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
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Control and Protection
Term for person empowered under LW and DHCPOA?
Stand-by Will

2. What happens if a trustee fails to act?

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3. What can attorneys and advisors never split?
Estate
Fees
To establish guarianship or conservatorship
Deems that a trust valid in one state is valid in all states

4. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Estate
Control and Protection
Common Law state (CP comes from Spain - CL from England.)
No

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

6. What happens to community property when a couple moves to a common law state?
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Term for person empowered under LW and DHCPOA?
Conservator
It retains its community property status

7. You cannot __________ the production of the individual client's will or trust
To establish guarianship or conservatorship
Stand-by Will
Oversee - supervise - or control
Biggest Potential Liability to Estate Planners

8. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Fees
Gather information - Advise about the funding of the estate plan from a financial standpoint

9. _____________________ can act as trustees in this country
It retains its community property status
Will or a trust
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations

10. What does an advisor lack to protect himself from UPL?
Non-terminal medical situations
Malpractice insurance
Term for person empowered under LW and DHCPOA?
No

11. 3 Ways to Transfer Wealth at Death
Fees
It retains its community property status
Non-terminal medical situations
By operation of law - By will - By contract

12. Main Benefits of Transferring Wealth by Contract
Term for person empowered under LW and DHCPOA?
No probate - Ease and speed of settlement - Full step up in cost basis
Malpractice insurance
Guardian

13. What happens to the cost basis of assets passing through...
Malpractice insurance
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
To establish guarianship or conservatorship
Common Law state (CP comes from Spain - CL from England.)

14. How does a Living Will differ from a Durable Healthcare Power of Attorney?
No probate - Ease and speed of settlement - Full step up in cost basis
No
Guardian
Living Wills for terminal situations

15. The systematic development and redevelopment of goals - policies - and procedures.
No
Planning
Foreigners and foreign corporations
Conservator

16. How does the full faith and credit clause effect trusts?
By operation of law - By will - By contract
Guardian
Deems that a trust valid in one state is valid in all states
Legally binding

17. Phases of the Probate Process
Estate
To establish guarianship or conservatorship
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

18. In charge of the physical welfare
Deems that a trust valid in one state is valid in all states
Guardian
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Biggest Potential Liability to Estate Planners

19. In charge of the business and financial affairs
Conservator
Guardian
Non-terminal medical situations
It retains its community property status

20. The unlicensed practice of law!
By operation of law - By will - By contract
No probate - Ease and speed of settlement - Full step up in cost basis
Biggest Potential Liability to Estate Planners
To establish guarianship or conservatorship

21. You cannot recommend that an individual client have a...
To establish guarianship or conservatorship
Biggest Potential Liability to Estate Planners
Will or a trust
Gather information - Advise about the funding of the estate plan from a financial standpoint

22. 2 Main Areas of Client Concern
Fees
No
Living Wills for terminal situations
Control and Protection

23. Can you counsel an individual client about estate planning documents?
Common Law state (CP comes from Spain - CL from England.)
No
Will or a trust
Conservator

24. DHCPOA for...
Gather information - Advise about the funding of the estate plan from a financial standpoint
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Fees
Non-terminal medical situations

25. When would a client need a Living Probate?
Oversee - supervise - or control
To establish guarianship or conservatorship
Estate
Guardian

26. What can you do to help with the estate planning process?
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint
Deems that a trust valid in one state is valid in all states
Control and Protection

27. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations