ESTATE PLANNING EXAM BANK |
ACCURATE CURRENTLY TESTING EXAM
VERSIONS (3 VERSIONS) QUESTIONS AND
ANSWERS WITH DETAILED RATIONALES|
VERIFIED FOR GUARANTEED PASS |
INCLUSIVE OF A PRACTICE EXAM WITH 150
QUESTIONS/ CFP ESTATE PLANNING FINAL
LATEST UPDATE
TABLE OF CONTENT
Estate Planning Exam 1 Sample Questions ………………………………………..……… 2
Certified Paralegal Exam -Estate Planning and Probate ……………………………. 36
Financial Planner Professional Certifications ………………………….………………… 39
Estate Planning: Practice Exam ……………………………………………….……………….. 41
CFP Estate Planning Final ………………………………………………………………………….. 160
Pg. 1
,Estate Planning Exam 1 Sample Questions
Glen's will leaves all of his property to his spouse. If his spouse does not survive
him by more than eight months, the property will transfer to Glen's only son. Glen
dies on April 13 and his spouse dies the following January 12. Of the following
statements, which is true?
A)Glen's property will transfer to his son.
B)Glen's property will not transfer to his spouse.
C)Glen's property will transfer to his spouse, but the property will not be eligible
for the unlimited marital deduction in Glen's estate.
D)Glen's property will transfer to his spouse and the property will be eligible for
the unlimited marital deduction in Glen's estate. - CORRECT ANSWER ✔✔-
C)Glen's property will transfer to his spouse, but the property will not be eligible
for the unlimited marital deduction in Glen's estate.
Rationale
Glen's will contains a survivorship clause requiring his spouse to survive him by
more than eight months to receive his property. Glen's spouse dies nine months
after Glen and does receive his property. However, if a will contains a survivorship
clause, the clause cannot be written to require the spouse to outlive the decedent
by more than six months to qualify for the unlimited marital deduction. In this
case, the survivorship clause requires eight months, so Glen's spouse will receive
the property, but the property will not qualify for the unlimited marital deduction.
Pg. 2
,Which type of will complies with the statutes of the domiciliary state and is drawn
by an attorney?
A)Holographic.
B)Oral.
C)Nuncupative.
D)Statutory. - CORRECT ANSWER ✔✔- D)Statutory.
Which of the following would not meet the ascertainable standard requirement if
it appeared in a trust or POA document?
A)Health.
B)Education.
C)Maintenance.
D)Comfort. - CORRECT ANSWER ✔✔- D)Comfort.
Martin has given his father, Lawrence, a springing durable power of attorney over
his real estate holdings. The power of attorney springs if Martin is ever out of the
country. Of the following statements regarding this power, which is not true?
A)If Martin becomes disabled while travelling in Italy, Lawrence can continue
making decisions regarding the real estate.
B)If Martin dies while travelling in Taiwan, Lawrence can continue making
decisions regarding the real estate under the power of attorney.
C)Martin can revoke the power at any time.
D)Lawrence can do anything that Martin can do with respect to the real estate. -
CORRECT ANSWER ✔✔- B)If Martin dies while travelling in Taiwan, Lawrence can
continue making decisions regarding the real estate under the power of attorney.
Pg. 3
, Which of the following is least likely to be included in a letter of instruction for
incapacity?
A)Name, address, and phone number of insurance agent.
B)Funeral instructions.
C)Location of marriage certificate and military discharge (DD 214).
D)List of assets and liabilities. - CORRECT ANSWER ✔✔- B)Funeral instructions.
Rationale
A letter of instruction for incapacity will provide instructions for the attorney-in-
fact, providing important information needed while the principal is alive but
incapacitated. Option a is necessary for the attorney-in-fact to determine whether
an insurance policy may cover a period of disability or cover additional costs
associated with the incapacity. Option c is necessary in situations where the
attorney-in-fact must file for Social Security or Veteran's benefits. Option d is
needed to guide the attorney-in-fact regarding obligations to be paid and
resources available. Option b is not needed because all powers of attorney cease
at death; therefore, the attorney-in-fact is not responsible for funeral
arrangements. A side letter of instruction for death is used to provide the
executor of the estate with instructions regarding the funeral, location of the will,
and other important information needed to settle the estate.
Rowena is a wealthy entrepreneur. At 84, a probate court declared that she is
legally incompetent and is not capable of making her own decisions. Which of the
following types of documents could her lawyer draft to help her redirect her
assets to other family members?
A)Power of attorney.
B)Irrevocable trust.
C)Will.
D)None of the above. - CORRECT ANSWER ✔✔- D)None of the above.
Pg. 4
ACCURATE CURRENTLY TESTING EXAM
VERSIONS (3 VERSIONS) QUESTIONS AND
ANSWERS WITH DETAILED RATIONALES|
VERIFIED FOR GUARANTEED PASS |
INCLUSIVE OF A PRACTICE EXAM WITH 150
QUESTIONS/ CFP ESTATE PLANNING FINAL
LATEST UPDATE
TABLE OF CONTENT
Estate Planning Exam 1 Sample Questions ………………………………………..……… 2
Certified Paralegal Exam -Estate Planning and Probate ……………………………. 36
Financial Planner Professional Certifications ………………………….………………… 39
Estate Planning: Practice Exam ……………………………………………….……………….. 41
CFP Estate Planning Final ………………………………………………………………………….. 160
Pg. 1
,Estate Planning Exam 1 Sample Questions
Glen's will leaves all of his property to his spouse. If his spouse does not survive
him by more than eight months, the property will transfer to Glen's only son. Glen
dies on April 13 and his spouse dies the following January 12. Of the following
statements, which is true?
A)Glen's property will transfer to his son.
B)Glen's property will not transfer to his spouse.
C)Glen's property will transfer to his spouse, but the property will not be eligible
for the unlimited marital deduction in Glen's estate.
D)Glen's property will transfer to his spouse and the property will be eligible for
the unlimited marital deduction in Glen's estate. - CORRECT ANSWER ✔✔-
C)Glen's property will transfer to his spouse, but the property will not be eligible
for the unlimited marital deduction in Glen's estate.
Rationale
Glen's will contains a survivorship clause requiring his spouse to survive him by
more than eight months to receive his property. Glen's spouse dies nine months
after Glen and does receive his property. However, if a will contains a survivorship
clause, the clause cannot be written to require the spouse to outlive the decedent
by more than six months to qualify for the unlimited marital deduction. In this
case, the survivorship clause requires eight months, so Glen's spouse will receive
the property, but the property will not qualify for the unlimited marital deduction.
Pg. 2
,Which type of will complies with the statutes of the domiciliary state and is drawn
by an attorney?
A)Holographic.
B)Oral.
C)Nuncupative.
D)Statutory. - CORRECT ANSWER ✔✔- D)Statutory.
Which of the following would not meet the ascertainable standard requirement if
it appeared in a trust or POA document?
A)Health.
B)Education.
C)Maintenance.
D)Comfort. - CORRECT ANSWER ✔✔- D)Comfort.
Martin has given his father, Lawrence, a springing durable power of attorney over
his real estate holdings. The power of attorney springs if Martin is ever out of the
country. Of the following statements regarding this power, which is not true?
A)If Martin becomes disabled while travelling in Italy, Lawrence can continue
making decisions regarding the real estate.
B)If Martin dies while travelling in Taiwan, Lawrence can continue making
decisions regarding the real estate under the power of attorney.
C)Martin can revoke the power at any time.
D)Lawrence can do anything that Martin can do with respect to the real estate. -
CORRECT ANSWER ✔✔- B)If Martin dies while travelling in Taiwan, Lawrence can
continue making decisions regarding the real estate under the power of attorney.
Pg. 3
, Which of the following is least likely to be included in a letter of instruction for
incapacity?
A)Name, address, and phone number of insurance agent.
B)Funeral instructions.
C)Location of marriage certificate and military discharge (DD 214).
D)List of assets and liabilities. - CORRECT ANSWER ✔✔- B)Funeral instructions.
Rationale
A letter of instruction for incapacity will provide instructions for the attorney-in-
fact, providing important information needed while the principal is alive but
incapacitated. Option a is necessary for the attorney-in-fact to determine whether
an insurance policy may cover a period of disability or cover additional costs
associated with the incapacity. Option c is necessary in situations where the
attorney-in-fact must file for Social Security or Veteran's benefits. Option d is
needed to guide the attorney-in-fact regarding obligations to be paid and
resources available. Option b is not needed because all powers of attorney cease
at death; therefore, the attorney-in-fact is not responsible for funeral
arrangements. A side letter of instruction for death is used to provide the
executor of the estate with instructions regarding the funeral, location of the will,
and other important information needed to settle the estate.
Rowena is a wealthy entrepreneur. At 84, a probate court declared that she is
legally incompetent and is not capable of making her own decisions. Which of the
following types of documents could her lawyer draft to help her redirect her
assets to other family members?
A)Power of attorney.
B)Irrevocable trust.
C)Will.
D)None of the above. - CORRECT ANSWER ✔✔- D)None of the above.
Pg. 4
