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. Main Benefits of Transferring Wealth by Contract
No probate - Ease and speed of settlement - Full step up in cost basis
No
Stand-by Will
Deems that a trust valid in one state is valid in all states

2. 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)
Biggest Potential Liability to Estate Planners
Planning
Oversee - supervise - or control

3. 3 Ways to Transfer Wealth at Death
Oversee - supervise - or control
To establish guarianship or conservatorship
By operation of law - By will - By contract
1. joint tenancy 2. probate 3. living trust (half step up in basis - full step up in basis - full step up in basis)

4. Another Name for a Pour Over Will
Oversee - supervise - or control
Planning
Biggest Potential Liability to Estate Planners
Stand-by Will

5. Phases of the Probate Process
Living Wills for terminal situations
No
Assessing the estate - Filings and payment - Distribution of assets to the heirs
The probate court won't allow the trust to fail and will appoint a trustee if necessary

6. How does a Living Will differ from a Durable Healthcare Power of Attorney?
Living Wills for terminal situations
Foreigners and foreign corporations
Guardian
Conservator

7. Precatory letters like the 5 Wishes are not ___________ but they help to support the other legally binding documents
Living Wills for terminal situations
Common Law state (CP comes from Spain - CL from England.)
Oversee - supervise - or control
Legally binding

8. What happens to community property when a couple moves to a common law state?
Malpractice insurance
Oversee - supervise - or control
Fees
It retains its community property status

9. The unlicensed practice of law!
Biggest Potential Liability to Estate Planners
Gather information - Advise about the funding of the estate plan from a financial standpoint
Guardian
Conservator

10. In charge of the business and financial affairs
Conservator
Term for person empowered under LW and DHCPOA?
Deems that a trust valid in one state is valid in all states
Stand-by Will

11. All the property the client owns or has an interest in - whatever it is worth - and wherever it is located.
Estate
Biggest Potential Liability to Estate Planners
Foreigners and foreign corporations
Term for person empowered under LW and DHCPOA?

12. If it's not a community property state - it's a _____________
Will or a trust
Common Law state (CP comes from Spain - CL from England.)
Estate
Term for person empowered under LW and DHCPOA?

13. What does an advisor lack to protect himself from UPL?
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Malpractice insurance
Stand-by Will
Estate

14. Can you counsel an individual client about estate planning documents?
No
To establish guarianship or conservatorship
Term for person empowered under LW and DHCPOA?
Non-terminal medical situations

15. What can you do to help with the estate planning process?
By operation of law - By will - By contract
Control and Protection
Gather information - Advise about the funding of the estate plan from a financial standpoint
It retains its community property status

16. You cannot __________ the production of the individual client's will or trust
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Living Wills for terminal situations
By operation of law - By will - By contract
Oversee - supervise - or control

17. In charge of the physical welfare
Fees
Malpractice insurance
Guardian
Estate

18. What can attorneys and advisors never split?
Fees
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
Common Law state (CP comes from Spain - CL from England.)

19. The systematic development and redevelopment of goals - policies - and procedures.
Guardian
Non-terminal medical situations
Malpractice insurance
Planning

20. LW -- healthcare proxy
Foreigners and foreign corporations
No
Term for person empowered under LW and DHCPOA?
Guardian

21. DHCPOA for...
Malpractice insurance
Non-terminal medical situations
Deems that a trust valid in one state is valid in all states
Biggest Potential Liability to Estate Planners

22. _____________________ can act as trustees in this country
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)
Control and Protection
Biggest Potential Liability to Estate Planners

23. How does the full faith and credit clause effect trusts?
Deems that a trust valid in one state is valid in all states
Control and Protection
Fees
Stand-by Will

24. What happens if a trustee fails to act?

25. You cannot recommend that an individual client have a...
The probate court won't allow the trust to fail and will appoint a trustee if necessary
Will or a trust
To establish guarianship or conservatorship
Planning

26. 2 Main Areas of Client Concern
Gather information - Advise about the funding of the estate plan from a financial standpoint
Common Law state (CP comes from Spain - CL from England.)
It retains its community property status
Control and Protection

27. When would a client need a Living Probate?
Guardian
To establish guarianship or conservatorship
Gather information - Advise about the funding of the estate plan from a financial standpoint
Fees