ESTATE PLANNING PRACTICE
EXAMINATION 2026 QUESTIONS WITH
ANSWERS GRADED A+
◍ Community Property Includes:.
Answer: All assets and earnings acquired during the marriage
◍ Heir.
Answer: A person legally entitled to receive a share of the deceased's estate
in the absence of a valid will.
◍ Beneficiary.
Answer: A person or entity entitled to receive benefits or assets under a will,
trust, insurance policy, or other legal instrument.
◍ Insurance Products.
Answer: Life insurance, health insurance, disability income insurance,
long-term care (LTC) insurance, and property & liability insurance
◍ Intestate.
Answer: Dying without a valid will, resulting in the distribution of assets
according to intestacy laws.
◍ Phase 1: Foundational Planning.
Answer: • Core Estate Planning Documents (Will, Revocable Trust,
Ancillary Documents) • Asset Ownership & Beneficiary Designations
◍ Decedent.
Answer: A deceased person
◍ Sole Ownership.
Answer: Owned entirely by one individual
◍ Executor.
, Answer: The person appointed in a will to administer the estate of the
deceased person.
◍ Tenants by Entirety.
Answer: • Spouses own entire property as a "marital unit" • Owners must be
spouses
◍ Codicil.
Answer: A legal document that modifies, amends, or supplements a
previously executed will.
◍ Joint Tenancy (JTWROS).
Answer: •Undivided, fractional interest in property • All owners' interests
are equal amounts
◍ Fiduciary Duties.
Answer: Often involve significant time commitment and expertise
◍ Estate Planning.
Answer: The process of arranging for the management and disposal of a
person's estate during their life and after death, through the use of wills,
trusts, and other legal tools.
◍ Holographic wills.
Answer: handwritten (not typed) by the testator and include the material
provisions of a will. Valid in more than half of the states.
◍ Estate.
Answer: All the money, property, and other assets owned by an individual at
death.
◍ Living Trust vs. Will.
Answer: A living trust is effective during the grantor's lifetime and avoids
probate, while a will takes effect upon death and must go through probate.
◍ Settlor.
Answer: Another term for the grantor, the person who creates a trust.
◍ Testamentary Trust.
EXAMINATION 2026 QUESTIONS WITH
ANSWERS GRADED A+
◍ Community Property Includes:.
Answer: All assets and earnings acquired during the marriage
◍ Heir.
Answer: A person legally entitled to receive a share of the deceased's estate
in the absence of a valid will.
◍ Beneficiary.
Answer: A person or entity entitled to receive benefits or assets under a will,
trust, insurance policy, or other legal instrument.
◍ Insurance Products.
Answer: Life insurance, health insurance, disability income insurance,
long-term care (LTC) insurance, and property & liability insurance
◍ Intestate.
Answer: Dying without a valid will, resulting in the distribution of assets
according to intestacy laws.
◍ Phase 1: Foundational Planning.
Answer: • Core Estate Planning Documents (Will, Revocable Trust,
Ancillary Documents) • Asset Ownership & Beneficiary Designations
◍ Decedent.
Answer: A deceased person
◍ Sole Ownership.
Answer: Owned entirely by one individual
◍ Executor.
, Answer: The person appointed in a will to administer the estate of the
deceased person.
◍ Tenants by Entirety.
Answer: • Spouses own entire property as a "marital unit" • Owners must be
spouses
◍ Codicil.
Answer: A legal document that modifies, amends, or supplements a
previously executed will.
◍ Joint Tenancy (JTWROS).
Answer: •Undivided, fractional interest in property • All owners' interests
are equal amounts
◍ Fiduciary Duties.
Answer: Often involve significant time commitment and expertise
◍ Estate Planning.
Answer: The process of arranging for the management and disposal of a
person's estate during their life and after death, through the use of wills,
trusts, and other legal tools.
◍ Holographic wills.
Answer: handwritten (not typed) by the testator and include the material
provisions of a will. Valid in more than half of the states.
◍ Estate.
Answer: All the money, property, and other assets owned by an individual at
death.
◍ Living Trust vs. Will.
Answer: A living trust is effective during the grantor's lifetime and avoids
probate, while a will takes effect upon death and must go through probate.
◍ Settlor.
Answer: Another term for the grantor, the person who creates a trust.
◍ Testamentary Trust.
