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. The systematic development and redevelopment of goals - policies - and procedures.
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

2. What happens if a trustee fails to act?

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3. You cannot __________ the production of the individual client's will or trust
Oversee - supervise - or control
It retains its community property status
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Malpractice insurance

4. How does the full faith and credit clause effect trusts?
Planning
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Deems that a trust valid in one state is valid in all states
Non-terminal medical situations

5. 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)
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Malpractice insurance
Control and Protection

6. 2 Main Areas of Client Concern
Legally binding
No probate - Ease and speed of settlement - Full step up in cost basis
Planning
Control and Protection

7. What can you do to help with the estate planning process?
Gather information - Advise about the funding of the estate plan from a financial standpoint
Stand-by Will
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
The probate court won't allow the trust to fail and will appoint a trustee if necessary

8. What does an advisor lack to protect himself from UPL?
Legally binding
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance
Biggest Potential Liability to Estate Planners

9. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Gather information - Advise about the funding of the estate plan from a financial standpoint
By operation of law - By will - By contract
Estate

10. DHCPOA for...
Gather information - Advise about the funding of the estate plan from a financial standpoint
Common Law state (CP comes from Spain - CL from England.)
Legally binding
Non-terminal medical situations

11. Another Name for a Pour Over Will
Foreigners and foreign corporations
Malpractice insurance
Stand-by Will
Common Law state (CP comes from Spain - CL from England.)

12. In charge of the physical welfare
Fees
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Guardian
Estate

13. You cannot recommend that an individual client have a...
Guardian
Fees
No probate - Ease and speed of settlement - Full step up in cost basis
Will or a trust

14. If it's not a community property state - it's a _____________
Fees
By operation of law - By will - By contract
Non-terminal medical situations
Common Law state (CP comes from Spain - CL from England.)

15. The unlicensed practice of law!
Term for person empowered under LW and DHCPOA?
Gather information - Advise about the funding of the estate plan from a financial standpoint
Stand-by Will
Biggest Potential Liability to Estate Planners

16. 3 Ways to Transfer Wealth at Death
Will or a trust
To establish guarianship or conservatorship
By operation of law - By will - By contract
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

17. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Legally binding
Deems that a trust valid in one state is valid in all states
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)

18. Phases of the Probate Process
Malpractice insurance
Stand-by Will
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Conservator

19. In charge of the business and financial affairs
Living Wills for terminal situations
Stand-by Will
By operation of law - By will - By contract
Conservator

20. What happens to community property when a couple moves to a common law state?
It retains its community property status
Common Law state (CP comes from Spain - CL from England.)
By operation of law - By will - By contract
Non-terminal medical situations

21. When would a client need a Living Probate?
To establish guarianship or conservatorship
Guardian
Oversee - supervise - or control
Gather information - Advise about the funding of the estate plan from a financial standpoint

22. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Estate
Guardian
Will or a trust

23. Main Benefits of Transferring Wealth by Contract
Control and Protection
Term for person empowered under LW and DHCPOA?
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

24. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
Will or a trust
Oversee - supervise - or control
It retains its community property status

25. Can you counsel an individual client about estate planning documents?
Conservator
Living Wills for terminal situations
Guardian
No

26. What can attorneys and advisors never split?
Malpractice insurance
Fees
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Non-terminal medical situations

27. _____________________ can act as trustees in this country
Oversee - supervise - or control
Foreigners and foreign corporations
No
Gather information - Advise about the funding of the estate plan from a financial standpoint