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. If it's not a community property state - it's a _____________
Assessing the estate - Filings and payment - Distribution of assets to the heirs
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Common Law state (CP comes from Spain - CL from England.)
Malpractice insurance

2. Main Benefits of Transferring Wealth by Contract
Conservator
No probate - Ease and speed of settlement - Full step up in cost basis
No
To establish guarianship or conservatorship

3. 3 Ways to Transfer Wealth at Death
Deems that a trust valid in one state is valid in all states
Biggest Potential Liability to Estate Planners
By operation of law - By will - By contract
Control and Protection

4. What happens if a trustee fails to act?

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5. LW -- healthcare proxy
Common Law state (CP comes from Spain - CL from England.)
By operation of law - By will - By contract
Estate
Term for person empowered under LW and DHCPOA?

6. What does an advisor lack to protect himself from UPL?
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)
Malpractice insurance
Fees

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

8. You cannot recommend that an individual client have a...
Will or a trust
It retains its community property status
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

9. Can you counsel an individual client about estate planning documents?
Stand-by Will
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Gather information - Advise about the funding of the estate plan from a financial standpoint
No

10. How does a Living Will differ from a Durable Healthcare Power of Attorney?
To establish guarianship or conservatorship
Living Wills for terminal situations
Estate
Common Law state (CP comes from Spain - CL from England.)

11. How does the full faith and credit clause effect trusts?
Non-terminal medical situations
No probate - Ease and speed of settlement - Full step up in cost basis
Deems that a trust valid in one state is valid in all states
Common Law state (CP comes from Spain - CL from England.)

12. The unlicensed practice of law!
It retains its community property status
Biggest Potential Liability to Estate Planners
Conservator
No probate - Ease and speed of settlement - Full step up in cost basis

13. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Control and Protection
Conservator
Living Wills for terminal situations
Estate

14. In charge of the business and financial affairs
To establish guarianship or conservatorship
It retains its community property status
Conservator
Gather information - Advise about the funding of the estate plan from a financial standpoint

15. _____________________ can act as trustees in this country
Estate
Foreigners and foreign corporations
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)

16. 2 Main Areas of Client Concern
Control and Protection
Will or a trust
Legally binding
Foreigners and foreign corporations

17. You cannot __________ the production of the individual client's will or trust
Biggest Potential Liability to Estate Planners
Guardian
Will or a trust
Oversee - supervise - or control

18. In charge of the physical welfare
Guardian
Common Law state (CP comes from Spain - CL from England.)
Oversee - supervise - or control
Living Wills for terminal situations

19. What can attorneys and advisors never split?
Fees
Legally binding
Gather information - Advise about the funding of the estate plan from a financial standpoint
Conservator

20. What happens to community property when a couple moves to a common law state?
It retains its community property status
Oversee - supervise - or control
Will or a trust
Deems that a trust valid in one state is valid in all states

21. What happens to the cost basis of assets passing through...
Fees
Deems that a trust valid in one state is valid in all states
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

22. DHCPOA for...
Non-terminal medical situations
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Control and Protection
Fees

23. What can you do to help with the estate planning process?
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint
To establish guarianship or conservatorship
Conservator

24. When would a client need a Living Probate?
To establish guarianship or conservatorship
Control and Protection
No probate - Ease and speed of settlement - Full step up in cost basis
Legally binding

25. The systematic development and redevelopment of goals - policies - and procedures.
Estate
Term for person empowered under LW and DHCPOA?
Planning
Conservator

26. Another Name for a Pour Over Will
Stand-by Will
By operation of law - By will - By contract
Control and Protection
Common Law state (CP comes from Spain - CL from England.)

27. Phases of the Probate Process
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
Legally binding
Biggest Potential Liability to Estate Planners