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 recommend that an individual client have a...
Will or a trust
No probate - Ease and speed of settlement - Full step up in cost basis
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

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

3. The systematic development and redevelopment of goals - policies - and procedures.
Planning
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Fees
Guardian

4. Can you counsel an individual client about estate planning documents?
Biggest Potential Liability to Estate Planners
No
Term for person empowered under LW and DHCPOA?
Oversee - supervise - or control

5. If it's not a community property state - it's a _____________
Malpractice insurance
Common Law state (CP comes from Spain - CL from England.)
To establish guarianship or conservatorship
Estate

6. _____________________ can act as trustees in this country
Foreigners and foreign corporations
Will or a trust
No probate - Ease and speed of settlement - Full step up in cost basis
By operation of law - By will - By contract

7. In charge of the physical welfare
Guardian
By operation of law - By will - By contract
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

8. You cannot __________ the production of the individual client's will or trust
Stand-by Will
Common Law state (CP comes from Spain - CL from England.)
Oversee - supervise - or control
Conservator

9. The unlicensed practice of law!
Non-terminal medical situations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Will or a trust
Biggest Potential Liability to Estate Planners

10. How does the full faith and credit clause effect trusts?
No
Deems that a trust valid in one state is valid in all states
Non-terminal medical situations
Stand-by Will

11. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Legally binding
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Living Wills for terminal situations
Common Law state (CP comes from Spain - CL from England.)

12. Another Name for a Pour Over Will
It retains its community property status
Will or a trust
Control and Protection
Stand-by Will

13. Phases of the Probate Process
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding
Gather information - Advise about the funding of the estate plan from a financial standpoint
Conservator

14. What happens if a trustee fails to act?

15. 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)
Oversee - supervise - or control
Guardian
Conservator

16. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Guardian
Estate
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Control and Protection

17. What can attorneys and advisors never split?
Living Wills for terminal situations
Biggest Potential Liability to Estate Planners
By operation of law - By will - By contract
Fees

18. LW -- healthcare proxy
No probate - Ease and speed of settlement - Full step up in cost basis
Term for person empowered under LW and DHCPOA?
Legally binding
Common Law state (CP comes from Spain - CL from England.)

19. What happens to community property when a couple moves to a common law state?
Term for person empowered under LW and DHCPOA?
It retains its community property status
No probate - Ease and speed of settlement - Full step up in cost basis
No

20. What does an advisor lack to protect himself from UPL?
Biggest Potential Liability to Estate Planners
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance

21. What can you do to help with the estate planning process?
Living Wills for terminal situations
By operation of law - By will - By contract
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

22. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Fees
Legally binding
Term for person empowered under LW and DHCPOA?

23. DHCPOA for...
Planning
Non-terminal medical situations
Legally binding
Common Law state (CP comes from Spain - CL from England.)

24. 2 Main Areas of Client Concern
Control and Protection
Non-terminal medical situations
Foreigners and foreign corporations
Gather information - Advise about the funding of the estate plan from a financial standpoint

25. In charge of the business and financial affairs
Malpractice insurance
No probate - Ease and speed of settlement - Full step up in cost basis
Planning
Conservator

26. When would a client need a Living Probate?
Control and Protection
To establish guarianship or conservatorship
Fees
Planning

27. 3 Ways to Transfer Wealth at Death
No
By operation of law - By will - By contract
Stand-by Will
Guardian