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. If it's not a community property state - it's a _____________
Control and Protection
It retains its community property status
Common Law state (CP comes from Spain - CL from England.)
Fees

2. How does the full faith and credit clause effect trusts?
Non-terminal medical situations
Foreigners and foreign corporations
Deems that a trust valid in one state is valid in all states
Oversee - supervise - or control

3. In charge of the business and financial affairs
No probate - Ease and speed of settlement - Full step up in cost basis
Biggest Potential Liability to Estate Planners
Conservator
Guardian

4. Phases of the Probate Process
Guardian
Assessing the estate - Filings and payment - Distribution of assets to the heirs
Estate
To establish guarianship or conservatorship

5. 2 Main Areas of Client Concern
Planning
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Biggest Potential Liability to Estate Planners
Control and Protection

6. What happens to community property when a couple moves to a common law state?
Guardian
No
Fees
It retains its community property status

7. Another Name for a Pour Over Will
Non-terminal medical situations
Foreigners and foreign corporations
Term for person empowered under LW and DHCPOA?
Stand-by Will

8. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Will or a trust
Fees
Legally binding
Living Wills for terminal situations

9. What can attorneys and advisors never split?
Will or a trust
No
Fees
Non-terminal medical situations

10. When would a client need a Living Probate?
It retains its community property status
Estate
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)

11. What can you do to help with the estate planning process?
Estate
Gather information - Advise about the funding of the estate plan from a financial standpoint
No
The probate court won't allow the trust to fail and will appoint a trustee if necessary

12. What does an advisor lack to protect himself from UPL?
Common Law state (CP comes from Spain - CL from England.)
Malpractice insurance
Conservator
Control and Protection

13. You cannot __________ the production of the individual client's will or trust
Common Law state (CP comes from Spain - CL from England.)
Term for person empowered under LW and DHCPOA?
No probate - Ease and speed of settlement - Full step up in cost basis
Oversee - supervise - or control

14. Can you counsel an individual client about estate planning documents?
Control and Protection
Living Wills for terminal situations
Non-terminal medical situations
No

15. _____________________ can act as trustees in this country
Stand-by Will
Non-terminal medical situations
Foreigners and foreign corporations
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

16. You cannot recommend that an individual client have a...
Assessing the estate - Filings and payment - Distribution of assets to the heirs
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
Living Wills for terminal situations
Will or a trust

17. LW -- healthcare proxy
Legally binding
Foreigners and foreign corporations
To establish guarianship or conservatorship
Term for person empowered under LW and DHCPOA?

18. DHCPOA for...
Fees
To establish guarianship or conservatorship
Malpractice insurance
Non-terminal medical situations

19. The unlicensed practice of law!
Biggest Potential Liability to Estate Planners
Estate
Common Law state (CP comes from Spain - CL from England.)
No probate - Ease and speed of settlement - Full step up in cost basis

20. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Common Law state (CP comes from Spain - CL from England.)
Estate
Conservator
Legally binding

21. What happens to the cost basis of assets passing through...
Gather information - Advise about the funding of the estate plan from a financial standpoint
Deems that a trust valid in one state is valid in all states
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)
No probate - Ease and speed of settlement - Full step up in cost basis

22. In charge of the physical welfare
No probate - Ease and speed of settlement - Full step up in cost basis
Biggest Potential Liability to Estate Planners
Guardian
The probate court won't allow the trust to fail and will appoint a trustee if necessary

23. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Oversee - supervise - or control
Legally binding
Living Wills for terminal situations
Planning

24. Main Benefits of Transferring Wealth by Contract
Oversee - supervise - or control
Living Wills for terminal situations
No probate - Ease and speed of settlement - Full step up in cost basis
Legally binding

25. 3 Ways to Transfer Wealth at Death
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
Biggest Potential Liability to Estate Planners
Legally binding

26. What happens if a trustee fails to act?

27. The systematic development and redevelopment of goals - policies - and procedures.
Malpractice insurance
Oversee - supervise - or control
Gather information - Advise about the funding of the estate plan from a financial standpoint
Planning