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. You cannot __________ the production of the individual client's will or trust
Oversee - supervise - or control
Malpractice insurance
Gather information - Advise about the funding of the estate plan from a financial standpoint
Estate

2. You cannot recommend that an individual client have a...
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Estate
Will or a trust
It retains its community property status

3. Can you counsel an individual client about estate planning documents?
Biggest Potential Liability to Estate Planners
Planning
Oversee - supervise - or control
No

4. _____________________ can act as trustees in this country
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint
Foreigners and foreign corporations
Estate

5. The systematic development and redevelopment of goals - policies - and procedures.
Planning
Legally binding
Stand-by Will
Conservator

6. What happens if a trustee fails to act?

7. What can you do to help with the estate planning process?
Fees
Living Wills for terminal situations
Gather information - Advise about the funding of the estate plan from a financial standpoint
Biggest Potential Liability to Estate Planners

8. Main Benefits of Transferring Wealth by Contract
Guardian
Stand-by Will
No probate - Ease and speed of settlement - Full step up in cost basis
The probate court won't allow the trust to fail and will appoint a trustee if necessary

9. In charge of the physical welfare
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)
Guardian
No probate - Ease and speed of settlement - Full step up in cost basis

10. How does the full faith and credit clause effect trusts?
To establish guarianship or conservatorship
Deems that a trust valid in one state is valid in all states
Guardian
By operation of law - By will - By contract

11. How does a Living Will differ from a Durable Healthcare Power of Attorney?
By operation of law - By will - By contract
No
Fees
Living Wills for terminal situations

12. Another Name for a Pour Over Will
Biggest Potential Liability to Estate Planners
Foreigners and foreign corporations
Fees
Stand-by Will

13. 3 Ways to Transfer Wealth at Death
Deems that a trust valid in one state is valid in all states
Guardian
By operation of law - By will - By contract
To establish guarianship or conservatorship

14. The unlicensed practice of law!
Assessing the estate - Filings and payment - Distribution of assets to the heirs
No probate - Ease and speed of settlement - Full step up in cost basis
To establish guarianship or conservatorship
Biggest Potential Liability to Estate Planners

15. What does an advisor lack to protect himself from UPL?
To establish guarianship or conservatorship
Foreigners and foreign corporations
Malpractice insurance
Will or a trust

16. DHCPOA for...
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations
Non-terminal medical situations
Stand-by Will

17. 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
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Planning

18. What can attorneys and advisors never split?
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Foreigners and foreign corporations
Fees
Conservator

19. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
Non-terminal medical situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs

20. When would a client need a Living Probate?
Malpractice insurance
To establish guarianship or conservatorship
Control and Protection
Term for person empowered under LW and DHCPOA?

21. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Deems that a trust valid in one state is valid in all states
Stand-by Will
Fees
Estate

22. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Planning
Deems that a trust valid in one state is valid in all states
By operation of law - By will - By contract
Legally binding

23. 2 Main Areas of Client Concern
Control and Protection
Guardian
It retains its community property status
By operation of law - By will - By contract

24. If it's not a community property state - it's a _____________
Common Law state (CP comes from Spain - CL from England.)
No probate - Ease and speed of settlement - Full step up in cost basis
Control and Protection
Estate

25. What happens to community property when a couple moves to a common law state?
It retains its community property status
Biggest Potential Liability to Estate Planners
Common Law state (CP comes from Spain - CL from England.)
Control and Protection

26. In charge of the business and financial affairs
Term for person empowered under LW and DHCPOA?
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract
Conservator

27. Phases of the Probate Process
Planning
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Estate
Biggest Potential Liability to Estate Planners