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. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
No
Estate
Deems that a trust valid in one state is valid in all states
Foreigners and foreign corporations

2. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Living Wills for terminal situations
Legally binding
Will or a trust
The probate court won't allow the trust to fail and will appoint a trustee if necessary

3. When would a client need a Living Probate?
No
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
To establish guarianship or conservatorship

4. If it's not a community property state - it's a _____________
Legally binding
Conservator
Stand-by Will
Common Law state (CP comes from Spain - CL from England.)

5. DHCPOA for...
Guardian
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Non-terminal medical situations
Stand-by Will

6. 2 Main Areas of Client Concern
Common Law state (CP comes from Spain - CL from England.)
Term for person empowered under LW and DHCPOA?
Control and Protection
Guardian

7. _____________________ can act as trustees in this country
Planning
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)
Foreigners and foreign corporations

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

9. In charge of the physical welfare
Planning
To establish guarianship or conservatorship
Guardian
Common Law state (CP comes from Spain - CL from England.)

10. What can you do to help with the estate planning process?
Control and Protection
Stand-by Will
Deems that a trust valid in one state is valid in all states
Gather information - Advise about the funding of the estate plan from a financial standpoint

11. Another Name for a Pour Over Will
Stand-by Will
Oversee - supervise - or control
Fees
Estate

12. What happens to community property when a couple moves to a common law state?
Planning
Common Law state (CP comes from Spain - CL from England.)
It retains its community property status
Stand-by Will

13. You cannot recommend that an individual client have a...
Guardian
Oversee - supervise - or control
Common Law state (CP comes from Spain - CL from England.)
Will or a trust

14. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Deems that a trust valid in one state is valid in all states
Control and Protection
Will or a trust
Living Wills for terminal situations

15. LW -- healthcare proxy
To establish guarianship or conservatorship
No
No probate - Ease and speed of settlement - Full step up in cost basis
Term for person empowered under LW and DHCPOA?

16. You cannot __________ the production of the individual client's will or trust
To establish guarianship or conservatorship
Planning
Non-terminal medical situations
Oversee - supervise - or control

17. What can attorneys and advisors never split?
Estate
Common Law state (CP comes from Spain - CL from England.)
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Fees

18. The systematic development and redevelopment of goals - policies - and procedures.
Planning
No
Non-terminal medical situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs

19. What does an advisor lack to protect himself from UPL?
No
Estate
Malpractice insurance
Living Wills for terminal situations

20. Can you counsel an individual client about estate planning documents?
Oversee - supervise - or control
No
Common Law state (CP comes from Spain - CL from England.)
Gather information - Advise about the funding of the estate plan from a financial standpoint

21. In charge of the business and financial affairs
Gather information - Advise about the funding of the estate plan from a financial standpoint
To establish guarianship or conservatorship
Conservator
Assessing the estate - Filings and payment - Distribution of assets to the heirs

22. How does the full faith and credit clause effect trusts?
Biggest Potential Liability to Estate Planners
Living Wills for terminal situations
Foreigners and foreign corporations
Deems that a trust valid in one state is valid in all states

23. Phases of the Probate Process
Non-terminal medical situations
Assessing the estate - Filings and payment - Distribution of assets to the heirs
It retains its community property status
No probate - Ease and speed of settlement - Full step up in cost basis

24. 3 Ways to Transfer Wealth at Death
By operation of law - By will - By contract
Legally binding
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Oversee - supervise - or control

25. What happens if a trustee fails to act?

26. The unlicensed practice of law!
Term for person empowered under LW and DHCPOA?
Biggest Potential Liability to Estate Planners
Guardian
Malpractice insurance

27. 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)
Guardian
No probate - Ease and speed of settlement - Full step up in cost basis
Malpractice insurance