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. What happens if a trustee fails to act?

2. When would a client need a Living Probate?
No
To establish guarianship or conservatorship
Foreigners and foreign corporations
Stand-by Will

3. LW -- healthcare proxy
Fees
Oversee - supervise - or control
Term for person empowered under LW and DHCPOA?
Common Law state (CP comes from Spain - CL from England.)

4. If it's not a community property state - it's a _____________
Stand-by Will
Common Law state (CP comes from Spain - CL from England.)
Conservator
Deems that a trust valid in one state is valid in all states

5. _____________________ can act as trustees in this country
Foreigners and foreign corporations
Deems that a trust valid in one state is valid in all states
Legally binding
Common Law state (CP comes from Spain - CL from England.)

6. What happens to community property when a couple moves to a common law state?
It retains its community property status
No
Estate
Living Wills for terminal situations

7. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Foreigners and foreign corporations
To establish guarianship or conservatorship
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Legally binding

8. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Oversee - supervise - or control
Control and Protection
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

9. What can attorneys and advisors never split?
No probate - Ease and speed of settlement - Full step up in cost basis
Guardian
Estate
Fees

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

11. In charge of the physical welfare
Guardian
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Fees
Term for person empowered under LW and DHCPOA?

12. DHCPOA for...
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Fees
Non-terminal medical situations
No probate - Ease and speed of settlement - Full step up in cost basis

13. Phases of the Probate Process
Foreigners and foreign corporations
Gather information - Advise about the funding of the estate plan from a financial standpoint
It retains its community property status
Assessing the estate - Filings and payment - Distribution of assets to the heirs

14. Main Benefits of Transferring Wealth by Contract
Guardian
No probate - Ease and speed of settlement - Full step up in cost basis
Planning
Foreigners and foreign corporations

15. You cannot __________ the production of the individual client's will or trust
No probate - Ease and speed of settlement - Full step up in cost basis
Oversee - supervise - or control
Living Wills for terminal situations
Control and Protection

16. What can you do to help with the estate planning process?
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
Non-terminal medical situations
Conservator

17. 2 Main Areas of Client Concern
It retains its community property status
Control and Protection
Living Wills for terminal situations
No probate - Ease and speed of settlement - Full step up in cost basis

18. In charge of the business and financial affairs
Will or a trust
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Conservator
No probate - Ease and speed of settlement - Full step up in cost basis

19. The unlicensed practice of law!
Biggest Potential Liability to Estate Planners
Malpractice insurance
No probate - Ease and speed of settlement - Full step up in cost basis
Estate

20. How does the full faith and credit clause effect trusts?
Stand-by Will
Legally binding
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Deems that a trust valid in one state is valid in all states

21. What does an advisor lack to protect himself from UPL?
Gather information - Advise about the funding of the estate plan from a financial standpoint
Malpractice insurance
Planning
Guardian

22. The systematic development and redevelopment of goals - policies - and procedures.
Control and Protection
Planning
Legally binding
Biggest Potential Liability to Estate Planners

23. Can you counsel an individual client about estate planning documents?
No probate - Ease and speed of settlement - Full step up in cost basis
No
Term for person empowered under LW and DHCPOA?
By operation of law - By will - By contract

24. 3 Ways to Transfer Wealth at Death
Term for person empowered under LW and DHCPOA?
Gather information - Advise about the funding of the estate plan from a financial standpoint
By operation of law - By will - By contract
Foreigners and foreign corporations

25. What happens to the cost basis of assets passing through...
Common Law state (CP comes from Spain - CL from England.)
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
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

26. You cannot recommend that an individual client have a...
Will or a trust
It retains its community property status
Legally binding
Control and Protection

27. Another Name for a Pour Over Will
By operation of law - By will - By contract
Stand-by Will
It retains its community property status
Gather information - Advise about the funding of the estate plan from a financial standpoint