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?
To establish guarianship or conservatorship
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Biggest Potential Liability to Estate Planners
Deems that a trust valid in one state is valid in all states

2. You cannot __________ the production of the individual client's will or trust
To establish guarianship or conservatorship
Oversee - supervise - or control
Legally binding
Control and Protection

3. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Estate
The probate court won't allow the trust to fail and will appoint a trustee if necessary
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

4. 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.)
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)

5. What happens to community property when a couple moves to a common law state?
Living Wills for terminal situations
It retains its community property status
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)

6. You cannot recommend that an individual client have a...
Will or a trust
Fees
Term for person empowered under LW and DHCPOA?
Gather information - Advise about the funding of the estate plan from a financial standpoint

7. 2 Main Areas of Client Concern
Control and Protection
Foreigners and foreign corporations
Legally binding
Common Law state (CP comes from Spain - CL from England.)

8. DHCPOA for...
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Living Wills for terminal situations
Stand-by Will
Non-terminal medical situations

9. 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)
Stand-by Will
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Common Law state (CP comes from Spain - CL from England.)

10. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
To establish guarianship or conservatorship
Foreigners and foreign corporations
Oversee - supervise - or control
Estate

11. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Conservator
Deems that a trust valid in one state is valid in all states
Fees

12. The unlicensed practice of law!
Living Wills for terminal situations
Oversee - supervise - or control
Biggest Potential Liability to Estate Planners
Legally binding

13. The systematic development and redevelopment of goals - policies - and procedures.
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Deems that a trust valid in one state is valid in all states
Planning
No probate - Ease and speed of settlement - Full step up in cost basis

14. What does an advisor lack to protect himself from UPL?
Guardian
Malpractice insurance
Foreigners and foreign corporations
Conservator

15. 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
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
Biggest Potential Liability to Estate Planners

16. How does the full faith and credit clause effect trusts?
Guardian
Conservator
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

17. Main Benefits of Transferring Wealth by Contract
Common Law state (CP comes from Spain - CL from England.)
Deems that a trust valid in one state is valid in all states
No probate - Ease and speed of settlement - Full step up in cost basis
Estate

18. _____________________ can act as trustees in this country
Planning
Conservator
Foreigners and foreign corporations
No probate - Ease and speed of settlement - Full step up in cost basis

19. In charge of the physical welfare
Will or a trust
Stand-by Will
Fees
Guardian

20. 3 Ways to Transfer Wealth at Death
By operation of law - By will - By contract
Conservator
Estate
Non-terminal medical situations

21. Another Name for a Pour Over Will
Deems that a trust valid in one state is valid in all states
To establish guarianship or conservatorship
Malpractice insurance
Stand-by Will

22. LW -- healthcare proxy
By operation of law - By will - By contract
Malpractice insurance
Will or a trust
Term for person empowered under LW and DHCPOA?

23. In charge of the business and financial affairs
Control and Protection
No probate - Ease and speed of settlement - Full step up in cost basis
By operation of law - By will - By contract
Conservator

24. What can attorneys and advisors never split?
Non-terminal medical situations
Common Law state (CP comes from Spain - CL from England.)
Fees
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

25. What happens if a trustee fails to act?

26. Can you counsel an individual client about estate planning documents?
Biggest Potential Liability to Estate Planners
Living Wills for terminal situations
By operation of law - By will - By contract
No

27. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Planning
Foreigners and foreign corporations
Assessing the estate - Filings and payment - Distribution of assets to the heirs