Question 1

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

Question 2

A prenuptial agreement is a documentary agreement between spouses after marriage.

Accepted Answer

A) True 
 B)False

Question 3

A testamentary trust is a trust established by your will that becomes effective upon your death.

Accepted Answer

A) True 
 B)False

Question 4

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Accepted Answer

A) True 
 B)False

Question 5

If you die without a will,you die intestate.

Accepted Answer

A) True 
 B)False

Question 6

Upon your death,your beneficiary will meet people who offer specific types of assistance.These people will probably be:

Accepted Answer

A)   strangers.
B)   sympathetic.
C)   courteous.
D)   disinterested.
E)   Your beneficiary will meet people,some of whom will be strangers,who are sympathetic,courteous and disinterested.F) None of the above
G) B) and E)

Question 7

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Accepted Answer

A)   beneficiary.
B)   executor.
C)   trustee.
D)   guardian.
E)   executrix.F) A) and D)
G) None of the above

Question 8

In the year of death,the estate's executor must file a final (terminal)tax return.

Accepted Answer

A) True 
 B)False

Question 9

Which of these statements is false? Provincial family law ______________.

Accepted Answer

A)   varies across Canada.
B)   can have a significant impact on your estate planning.
C)   might impact your capacity to order the disposal of your estate.
D)   does not permit your will to be contested.
E)   does not obligate the deceased to provide for family members who were not financial dependents at the time of death.F) All of the above
G) A) and C)

Question 10

A holographic will should be witnessed by at least two persons.

Accepted Answer

A) True 
 B)False

Question 11

Never having been married does not eliminate the need to organize your papers.

Accepted Answer

A) True 
 B)False

Question 12

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a

Accepted Answer

A)   codicil.
B)   power of attorney.
C)   proxy.
D)   rider.
E)   trust.F) A) and C)
G) B) and E)

Question 13

If you are married,your estate planning involves

Accepted Answer

A)   fewer financial responsibilities.
B)   fewer legal requirements.
C)   the interest of at least two people.
D)   seeking the services of a securities broker.
E)   your pension plan.F) None of the above
G) B) and C)

Question 14

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Accepted Answer

A)   tenants in common
B)   tenancy by the entirety
C)   joint tenancy
D)   tenancy by default
E)   tenants by birthF) A) and D)
G) D) and E)

Question 15

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

Accepted Answer

A) True 
 B)False

Question 16

What are the legal aspects of estate planning?

Accepted Answer

A will is a legal declaration of a perso...

Question 17

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Accepted Answer

A) True 
 B)False

Question 18

Estate planning has two parts.The first part consists of

Accepted Answer

A)   deciding on who is going to get what.
B)   transferring your estate in the manner you have specified.
C)   building your estate through savings,investments,and insurance.
D)   evaluating your assets and liabilities.
E)   Meeting your financial planner.F) B) and C)
G) B) and D)

Question 19

If you die without a valid will,you die

Accepted Answer

A)   intestate.
B)   in peace.
C)   in trust.
D)   prenuptially.
E)   in turmoil.F) A) and C)
G) None of the above

Question 20

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) A) and B)
G) A) and C)

Exam 15: Daily Spending Diary

A person who assumes the responsibilities of providing the children with personal care and managing the estate for them is called a(n) :

Correct AnswerverifiedShow Answer

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

Correct AnswerverifiedShow Answer

A holographic will should be witnessed by at least two persons.

Correct AnswerverifiedShow Answer

Income reported in the final tax return must include any income earned by the deceased up to the date of death but need not include any net capital gain recognized under the deemed disposition rules.

Correct AnswerverifiedShow Answer

Upon your death,your beneficiary will meet people who offer specific types of assistance.These people will probably be:

Correct AnswerverifiedShow Answer

Never having been married does not eliminate the need to organize your papers.

Correct AnswerverifiedShow Answer

A living or inter vivos trust is a property management arrangement that you establish while you are alive.

Correct AnswerverifiedShow Answer

A prenuptial agreement is a documentary agreement between spouses after marriage.

Correct AnswerverifiedShow Answer

A testamentary trust is a trust established by your will that becomes effective upon your death.

Correct AnswerverifiedShow Answer

Estate planning has two parts.The first part consists of

Correct AnswerverifiedShow Answer

Estate planning is not an essential part of retirement planning.

Correct AnswerverifiedShow Answer

A legal arrangement through which your assets are held by a trustee for your benefit or that of your beneficiaries is called a

Correct AnswerverifiedShow Answer

If you die without a will,you die intestate.

Correct AnswerverifiedShow Answer

What are the legal aspects of estate planning?

Correct AnswerverifiedA will is a legal declaration of a perso...View AnswerShow Answer

If you die without a valid will,you die

Correct AnswerverifiedShow Answer

In the year of death,the estate's executor must file a final (terminal)tax return.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of these statements is false? Provincial family law ______________.

Correct AnswerverifiedShow Answer

Under what type of ownership is the property considered owned 50-50 for estate tax purposes and passed automatically to your spouse at your death?

Correct AnswerverifiedShow Answer

If you are married,your estate planning involves

Correct AnswerverifiedShow Answer

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A will is a legal declaration of a perso...
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