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. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
To establish guarianship or conservatorship
Legally binding
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

2. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
No
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

3. You cannot recommend that an individual client have a...
Gather information - Advise about the funding of the estate plan from a financial standpoint
Will or a trust
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding

4. When would a client need a Living Probate?
Oversee - supervise - or control
Malpractice insurance
To establish guarianship or conservatorship
Common Law state (CP comes from Spain - CL from England.)

5. What happens to community property when a couple moves to a common law state?
Guardian
Common Law state (CP comes from Spain - CL from England.)
Term for person empowered under LW and DHCPOA?
It retains its community property status

6. Can you counsel an individual client about estate planning documents?
No probate - Ease and speed of settlement - Full step up in cost basis
No
Fees
Living Wills for terminal situations

7. The systematic development and redevelopment of goals - policies - and procedures.
Planning
Stand-by Will
Living Wills for terminal situations
Control and Protection

8. What happens to the cost basis of assets passing through...
By operation of law - By will - By contract
Stand-by Will
Guardian
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

9. In charge of the business and financial affairs
Gather information - Advise about the funding of the estate plan from a financial standpoint
Estate
Common Law state (CP comes from Spain - CL from England.)
Conservator

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

11. 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
Term for person empowered under LW and DHCPOA?
Estate
Conservator

12. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
No probate - Ease and speed of settlement - Full step up in cost basis
Estate
By operation of law - By will - By contract
Control and Protection

13. In charge of the physical welfare
Gather information - Advise about the funding of the estate plan from a financial standpoint
By operation of law - By will - By contract
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Guardian

14. The unlicensed practice of law!
Biggest Potential Liability to Estate Planners
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Legally binding
Deems that a trust valid in one state is valid in all states

15. Phases of the Probate Process
No probate - Ease and speed of settlement - Full step up in cost basis
Common Law state (CP comes from Spain - CL from England.)
Will or a trust
Assessing the estate - Filings and payment - Distribution of assets to the heirs

16. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
Conservator
Planning
Living Wills for terminal situations

17. LW -- healthcare proxy
Stand-by Will
Term for person empowered under LW and DHCPOA?
It retains its community property status
Biggest Potential Liability to Estate Planners

18. What happens if a trustee fails to act?

19. If it's not a community property state - it's a _____________
Planning
Control and Protection
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)

20. What can attorneys and advisors never split?
Conservator
Fees
Guardian
Legally binding

21. 2 Main Areas of Client Concern
Common Law state (CP comes from Spain - CL from England.)
Control and Protection
Planning
Conservator

22. DHCPOA for...
Common Law state (CP comes from Spain - CL from England.)
Will or a trust
Non-terminal medical situations
Conservator

23. 3 Ways to Transfer Wealth at Death
By operation of law - By will - By contract
Oversee - supervise - or control
Will or a trust
Conservator

24. Another Name for a Pour Over Will
Control and Protection
Conservator
Stand-by Will
Legally binding

25. _____________________ can act as trustees in this country
Oversee - supervise - or control
Deems that a trust valid in one state is valid in all states
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Foreigners and foreign corporations

26. You cannot __________ the production of the individual client's will or trust
Living Wills for terminal situations
Fees
Oversee - supervise - or control
Planning

27. What does an advisor lack to protect himself from UPL?
Malpractice insurance
By operation of law - By will - By contract
Term for person empowered under LW and DHCPOA?
Conservator