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
Planning
No
Term for person empowered under LW and DHCPOA?

2. 2 Main Areas of Client Concern
Control and Protection
Non-terminal medical situations
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

3. Main Benefits of Transferring Wealth by Contract
Fees
Living Wills for terminal situations
No probate - Ease and speed of settlement - Full step up in cost basis
Foreigners and foreign corporations

4. The systematic development and redevelopment of goals - policies - and procedures.
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint
Conservator
Planning

5. How does the full faith and credit clause effect trusts?
Deems that a trust valid in one state is valid in all states
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)
Biggest Potential Liability to Estate Planners

6. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Foreigners and foreign corporations
Legally binding
Non-terminal medical situations
Living Wills for terminal situations

7. In charge of the physical welfare
Guardian
Conservator
It retains its community property status
Control and Protection

8. DHCPOA for...
Oversee - supervise - or control
Non-terminal medical situations
Fees
Legally binding

9. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Control and Protection
Living Wills for terminal situations
Oversee - supervise - or control
No probate - Ease and speed of settlement - Full step up in cost basis

10. Another Name for a Pour Over Will
Stand-by Will
Oversee - supervise - or control
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations

11. LW -- healthcare proxy
Non-terminal medical situations
No
Term for person empowered under LW and DHCPOA?
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

12. The unlicensed practice of law!
Malpractice insurance
Biggest Potential Liability to Estate Planners
Will or a trust
Non-terminal medical situations

13. You cannot recommend that an individual client have a...
Will or a trust
Stand-by Will
Conservator
Assessing the estate - Filings and payment - Distribution of assets to the heirs

14. _____________________ can act as trustees in this country
Fees
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Foreigners and foreign corporations
Will or a trust

15. What can attorneys and advisors never split?
Stand-by Will
To establish guarianship or conservatorship
Biggest Potential Liability to Estate Planners
Fees

16. In charge of the business and financial affairs
Planning
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Non-terminal medical situations
Conservator

17. What happens to the cost basis of assets passing through...
Guardian
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
Control and Protection

18. 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.)
Conservator
Estate
Non-terminal medical situations

19. When would a client need a Living Probate?
Foreigners and foreign corporations
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
To establish guarianship or conservatorship

20. What can you do to help with the estate planning process?
Term for person empowered under LW and DHCPOA?
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
No

21. Can you counsel an individual client about estate planning documents?
Non-terminal medical situations
No
Fees
The probate court won't allow the trust to fail and will appoint a trustee if necessary

22. What does an advisor lack to protect himself from UPL?
By operation of law - By will - By contract
Conservator
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Malpractice insurance

23. 3 Ways to Transfer Wealth at Death
Living Wills for terminal situations
Deems that a trust valid in one state is valid in all states
Assessing the estate - Filings and payment - Distribution of assets to the heirs
By operation of law - By will - By contract

24. What happens if a trustee fails to act?

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25. If it's not a community property state - it's a _____________
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)
Conservator
Term for person empowered under LW and DHCPOA?

26. What happens to community property when a couple moves to a common law state?
Estate
It retains its community property status
No
Biggest Potential Liability to Estate Planners

27. Phases of the Probate Process
To establish guarianship or conservatorship
Term for person empowered under LW and DHCPOA?
No
Assessing the estate - Filings and payment - Distribution of assets to the heirs