Estates - Estate Planning Process questions well answered

Estates - Estate Planning Process
questions well answered

What is Practice Standard 200-1? - correct answer ✔✔ Determining a Client's Personal and
Financial Goals, Needs and Priorities



The financial planning practitioner and the client shall mutually define the client's personal and
financial goals, needs and priorities that are relevant to the scope of the engagement before any
recommendation is made and/or implemented.



What is Practice Standard 600-1? - correct answer ✔✔ Defining Monitoring Responsibilities



The financial planning practitioner and client shall mutually define monitoring responsibilities.



What is Practice Standard 500-1? - correct answer ✔✔ Agreeing on Implementation
Responsibilities



The financial planning practitioner and the client shall mutually agree on the implementation
responsibilities consistent with the scope of the engagement.



What are the steps in the Estate Planning Process? - correct answer ✔✔ 1. Gather significant
data from the client

2. Establish and prioritize EP objectives

3. Identify factors that limit or affect selection of EP techniques.

4. Identify EP weaknesses

5. Select an appropriate technique

6. Implement the selected technique