CSEP Specialist in Estate Planning Mock Tests

Domain I: Fundamentals of the Estate Planning ProcessA. Preliminary Research and Data GatheringIdentifying client goals, objectives, and family dynamics.Analyzing current asset ownership (Fee Simple, JTWROS, Tenancy in Common).Reviewing existing legal documents (Current Wills, Trusts, POAs).Determining the client's domicile and its impact on state-level estate taxes.B. The Estate Planning TeamRoles and responsibilities of the CPA, Attorney, Financial Planner, and Trust Officer.Ethical considerations and conflicts of interest in multi-disciplinary teams.Domain II: Tools and Techniques for Wealth TransferA. Wills and IntestacyLegal requirements for a valid Will (Capacity, Witnessing, Attestation).Types of Wills: Simple, Holographic, Nuncupative, and Pour-over.Consequences of dying intestate (State succession laws).B. The Probate ProcessAdvantages and disadvantages of probate (Public record vs. Court supervision).Methods to bypass probate: Life insurance, POD/TOD accounts, and Titling.Ancillary probate for out-of-state real property.Domain III: Trust Principles and AdministrationA. Living and Testamentary TrustsRevocable vs. Irrevocable Trusts: Tax implications and creditor protection.Trustee selection, powers, and fiduciary duties.Funding the trust and the "funding gap" risks.B. Specialized Trust StructuresGrantor Retained Trusts: GRATs, GRUTs, and QPRTs.Marital and Family Trusts: Bypass (B) Trusts