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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. _____________________ can act as trustees in this country
To establish guarianship or conservatorship
Fees
Deems that a trust valid in one state is valid in all states
Foreigners and foreign corporations

2. What happens if a trustee fails to act?

3. If it's not a community property state - it's a _____________
Common Law state (CP comes from Spain - CL from England.)
It retains its community property status
Estate
Biggest Potential Liability to Estate Planners

4. What happens to community property when a couple moves to a common law state?
Term for person empowered under LW and DHCPOA?
Conservator
Malpractice insurance
It retains its community property status

5. DHCPOA for...
Control and Protection
Non-terminal medical situations
Conservator
Will or a trust

6. Can you counsel an individual client about estate planning documents?
Planning
No
Deems that a trust valid in one state is valid in all states
Guardian

7. Phases of the Probate Process
It retains its community property status
Deems that a trust valid in one state is valid in all states
By operation of law - By will - By contract
Assessing the estate - Filings and payment - Distribution of assets to the heirs

8. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Gather information - Advise about the funding of the estate plan from a financial standpoint
Planning
Estate
Common Law state (CP comes from Spain - CL from England.)

9. What does an advisor lack to protect himself from UPL?
Non-terminal medical situations
To establish guarianship or conservatorship
Legally binding
Malpractice insurance

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

11. 3 Ways to Transfer Wealth at Death
To establish guarianship or conservatorship
Will or a trust
Term for person empowered under LW and DHCPOA?
By operation of law - By will - By contract

12. You cannot __________ the production of the individual client's will or trust
By operation of law - By will - By contract
Fees
Oversee - supervise - or control
Control and Protection

13. The systematic development and redevelopment of goals - policies - and procedures.
No
To establish guarianship or conservatorship
Planning
By operation of law - By will - By contract

14. In charge of the business and financial affairs
Conservator
Non-terminal medical situations
It retains its community property status
No

15. 2 Main Areas of Client Concern
Control and Protection
Term for person empowered under LW and DHCPOA?
Conservator
Fees

16. How does the full faith and credit clause effect trusts?
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.)
It retains its community property status
Deems that a trust valid in one state is valid in all states

17. What happens to the cost basis of assets passing through...
Will or a trust
Oversee - supervise - or control
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
The probate court won't allow the trust to fail and will appoint a trustee if necessary

18. LW -- healthcare proxy
Term for person empowered under LW and DHCPOA?
By operation of law - By will - By contract
No
No probate - Ease and speed of settlement - Full step up in cost basis

19. You cannot recommend that an individual client have a...
Stand-by Will
Legally binding
Estate
Will or a trust

20. In charge of the physical welfare
Oversee - supervise - or control
It retains its community property status
Guardian
Biggest Potential Liability to Estate Planners

21. When would a client need a Living Probate?
Planning
To establish guarianship or conservatorship
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. Another Name for a Pour Over Will
Control and Protection
Biggest Potential Liability to Estate Planners
Common Law state (CP comes from Spain - CL from England.)
Stand-by Will

23. 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
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Estate
Term for person empowered under LW and DHCPOA?

24. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Non-terminal medical situations
Biggest Potential Liability to Estate Planners
Malpractice insurance

25. The unlicensed practice of law!
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
It retains its community property status
The probate court won't allow the trust to fail and will appoint a trustee if necessary

26. Main Benefits of Transferring Wealth by Contract
By operation of law - By will - By contract
Non-terminal medical situations
Estate
No probate - Ease and speed of settlement - Full step up in cost basis

27. What can attorneys and advisors never split?
To establish guarianship or conservatorship
The probate court won't allow the trust to fail and will appoint a trustee if necessary
By operation of law - By will - By contract
Fees

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NICEP Certified Estate Planner

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