Question 1

The second part of estate planning consists of:

Accepted Answer

A)  building your estate through savings.
B)  transferring your estate in the manner you have specified.
C)  deciding who should be your attorney.
D)  evaluating your assets and liabilities.
E)  Ensuring your retirement plan is complete.F) C) and E)
G) B) and E)

Question 2

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

Accepted Answer

A) True 
 B)False

Question 3

A trustee is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Accepted Answer

A) True 
 B)False

Question 4

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

Accepted Answer

A) True 
 B)False

Question 5

If you never married, you don't need to organize your personal and financial documents.

Accepted Answer

A) True 
 B)False

Question 6

Estate planning is useful only to rich and elderly people.

Accepted Answer

A) True 
 B)False

Question 7

An ethical will is

Accepted Answer

A)  not a legally binding document, however it can help with estate planning.
B)  also called a holographic will.
C)  part of a formal will.
D)  also called an intestate will.
E)  a legally binding document.F) B) and D)
G) D) and E)

Question 8

There is no tax levied on the life insurance proceeds of a deceased person.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is not a potential tax that may be incurred at death?

Accepted Answer

A)  income tax due to deemed disposition rules
B)  provincial probate taxes
C)  estate taxes
D)  U.S.estate taxes on U.S.assets
E)  Canadian estate taxes on U.S.assetsF) B) and D)
G) B) and C)

Question 10

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Accepted Answer

A)  letter of last instruction.
B)  codicil.
C)  prenuptial agreement.
D)  postnuptial agreement.
E)  marital share will.F) C) and D)
G) B) and E)

Question 11

A living will _______________

Accepted Answer

A)  is a legal term in Canada
B)  is also called a holographic will
C)  is part of a formal will
D)  is also called an ethical will
E)  should be signed by witnessesF) B) and C)
G) A) and B)

Question 12

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Accepted Answer

A) True 
 B)False

Question 13

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 14

The legal procedure of proving a valid or invalid will is called a _________________

Accepted Answer

A)  lawsuit
B)  trust
C)  probate
D)  rider
E)  codicilF) C) and D)
G) B) and C)

Question 15

Estate planning involves

Accepted Answer

A)  handling your property while you are alive.
B)  dealing with what happens to your property after your death.
C)  your family's financial security in the event of your death.
D)  your family's financial security in the event of your spouse's death.
E)  handling your property while you are alive; planning how your property will be distributed after your death; and planning your family's financial security in the event of your death or your spouse's death are all part of estate planning.F) B) and E)
G) All of the above

Exam 15: Estate Planning

A living will _______________

Correct Answer
verified

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Correct Answer
verified

An ethical will is

Correct Answer
verified

The legal procedure of proving a valid or invalid will is called a _________________

Correct Answer
verified

Which of the following is not a potential tax that may be incurred at death?

Correct Answer
verified

Estate planning involves

Correct Answer
verified

Estate planning is not an essential part of retirement planning.

Correct Answer
verified

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Correct Answer
verified

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

Correct Answer
verified

If you never married, you don't need to organize your personal and financial documents.

Correct Answer
verified

A trustee is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Correct Answer
verified

The second part of estate planning consists of:

Correct Answer
verified

There is no tax levied on the life insurance proceeds of a deceased person.

Correct Answer
verified

Estate planning is useful only to rich and elderly people.

Correct Answer
verified

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

Correct Answer
verified

Exam 15: Estate Planning

A living will _______________

Correct AnswerverifiedShow Answer

A documentary agreement between spouses before marriage in which one or both parties often waive a right to receive property under the other's will or under state law is called a:

Correct AnswerverifiedShow Answer

An ethical will is

Correct AnswerverifiedShow Answer

The legal procedure of proving a valid or invalid will is called a _________________

Correct AnswerverifiedShow Answer

Which of the following is not a potential tax that may be incurred at death?

Correct AnswerverifiedShow Answer

Estate planning involves

Correct AnswerverifiedShow Answer

Estate planning is not an essential part of retirement planning.

Correct AnswerverifiedShow Answer

You can structure charitable gift giving both during your lifetime and in your will to further your estate planning goals and make the most of available tax credits.

Correct AnswerverifiedShow Answer

Canadians are considering pre-planned funeral arrangements are part of their estate planning.

Correct AnswerverifiedShow Answer

If you never married, you don't need to organize your personal and financial documents.

Correct AnswerverifiedShow Answer

A trustee is a person who assumes the responsibilities of providing the children with personal care and of managing the estate for them.

Correct AnswerverifiedShow Answer

The second part of estate planning consists of:

Correct AnswerverifiedShow Answer

There is no tax levied on the life insurance proceeds of a deceased person.

Correct AnswerverifiedShow Answer

Estate planning is useful only to rich and elderly people.

Correct AnswerverifiedShow Answer

A trust is a legal arrangement through with a trustee holds your assets for your benefit or that of your beneficiaries.

Correct AnswerverifiedShow Answer

Correct Answer
verified

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