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. How does the full faith and credit clause effect trusts?
Malpractice insurance
Guardian
Deems that a trust valid in one state is valid in all states
Legally binding

2. _____________________ can act as trustees in this country
Term for person empowered under LW and DHCPOA?
Foreigners and foreign corporations
It retains its community property status
By operation of law - By will - By contract

3. The systematic development and redevelopment of goals - policies - and procedures.
Non-terminal medical situations
Term for person empowered under LW and DHCPOA?
Planning
Common Law state (CP comes from Spain - CL from England.)

4. You cannot recommend that an individual client have a...
Will or a trust
Conservator
Living Wills for terminal situations
Oversee - supervise - or control

5. Another Name for a Pour Over Will
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Stand-by Will
No probate - Ease and speed of settlement - Full step up in cost basis
Term for person empowered under LW and DHCPOA?

6. Phases of the Probate Process
Stand-by Will
Malpractice insurance
Will or a trust
Assessing the estate - Filings and payment - Distribution of assets to the heirs

7. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Non-terminal medical situations
Planning
Will or a trust
Living Wills for terminal situations

8. In charge of the business and financial affairs
Oversee - supervise - or control
Non-terminal medical situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Conservator

9. What can you do to help with the estate planning process?
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
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
Common Law state (CP comes from Spain - CL from England.)

10. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Legally binding
Biggest Potential Liability to Estate Planners
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)

11. The unlicensed practice of law!
Fees
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
Assessing the estate - Filings and payment - Distribution of assets to the heirs

12. What happens to the cost basis of assets passing through...
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
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

13. In charge of the physical welfare
Legally binding
Guardian
No probate - Ease and speed of settlement - Full step up in cost basis
Estate

14. You cannot __________ the production of the individual client's will or trust
Oversee - supervise - or control
Fees
Control and Protection
Stand-by Will

15. What happens to community property when a couple moves to a common law state?
It retains its community property status
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Biggest Potential Liability to Estate Planners
Guardian

16. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Estate
Guardian
No
Gather information - Advise about the funding of the estate plan from a financial standpoint

17. Can you counsel an individual client about estate planning documents?
Assessing the estate - Filings and payment - Distribution of assets to the heirs
To establish guarianship or conservatorship
No
Deems that a trust valid in one state is valid in all states

18. DHCPOA for...
Term for person empowered under LW and DHCPOA?
Estate
By operation of law - By will - By contract
Non-terminal medical situations

19. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
Legally binding
No probate - Ease and speed of settlement - Full step up in cost basis

20. When would a client need a Living Probate?
Fees
To establish guarianship or conservatorship
Estate
Malpractice insurance

21. What can attorneys and advisors never split?
Fees
No probate - Ease and speed of settlement - Full step up in cost basis
Living Wills for terminal situations
Common Law state (CP comes from Spain - CL from England.)

22. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Gather information - Advise about the funding of the estate plan from a financial standpoint
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)

23. What does an advisor lack to protect himself from UPL?
Control and Protection
Will or a trust
Malpractice insurance
Estate

24. If it's not a community property state - it's a _____________
It retains its community property status
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Common Law state (CP comes from Spain - CL from England.)
Legally binding

25. What happens if a trustee fails to act?

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26. 2 Main Areas of Client Concern
Biggest Potential Liability to Estate Planners
Non-terminal medical situations
Control and Protection
Term for person empowered under LW and DHCPOA?

27. 3 Ways to Transfer Wealth at Death
By operation of law - By will - By contract
Foreigners and foreign corporations
Common Law state (CP comes from Spain - CL from England.)
Assessing the estate - Filings and payment - Distribution of assets to the heirs