FiCEP 2000 | Chapters 49 - 60 Exam | Questions
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Terms in this set (67)
3 Necessary Legal Documents 1. Will
Everyone Should Have 2. Durable POA for health care
3. Financial POA
Will A legal document detailing how a person would
like to have assets distributed after death
Should designate an executor and alternative
executors
The responsibilities of the executor - Paying all final expenses
in dealing with an estate according - Dealing with the estates outstanding debt
to the will -Distributing the assets as instructed by the will
Durable Power of Attorney for To ensure ones medical wishes are carried out
Health Care
Appoints someone who is trustworthy to be a
health care agent, and lays out the desired health
care decisions in the event one is unable to make
those decision
, The health care POA’s key - Have a clear understanding of the person's
responsibilities wishes regarding medical treatment
- Be able to handle the stress of making medical
decisions regarding someone else's wishes
-Keep the person's best interests and wishes in
mind when making those decisions
Financial Power of Attorney allows an individual to act on one's behalf
financially.
It can be effective immediately or for an event
A Funeral Trust/Prepaid Expenses Funded by insurance policy
Allows one to prepay funeral expenses and make
decisions on almost everything to do with the
funeral or celebration of life
Are funeral trusts considered assets No, they are not considered assets of an individual
of an individual in most states? and, therefore, may allow them to qualify for
government benefits or assistance.
Certified Public Accountants (CPAs) - Give advice regarding taxes and asset protection
Help from Financial Advisors
-Business consulting, retirement, estate planning,
investment management, & small business planning
-Assess the current financial situation and identify
areas for improvement
Certified Financial Planners (CFPs) Provide financial planning advice, including estate
Help from Financial Advisors and retirement planning.
with 100% Correct Answers | Verified | Latest
Update 2026
Save
Terms in this set (67)
3 Necessary Legal Documents 1. Will
Everyone Should Have 2. Durable POA for health care
3. Financial POA
Will A legal document detailing how a person would
like to have assets distributed after death
Should designate an executor and alternative
executors
The responsibilities of the executor - Paying all final expenses
in dealing with an estate according - Dealing with the estates outstanding debt
to the will -Distributing the assets as instructed by the will
Durable Power of Attorney for To ensure ones medical wishes are carried out
Health Care
Appoints someone who is trustworthy to be a
health care agent, and lays out the desired health
care decisions in the event one is unable to make
those decision
, The health care POA’s key - Have a clear understanding of the person's
responsibilities wishes regarding medical treatment
- Be able to handle the stress of making medical
decisions regarding someone else's wishes
-Keep the person's best interests and wishes in
mind when making those decisions
Financial Power of Attorney allows an individual to act on one's behalf
financially.
It can be effective immediately or for an event
A Funeral Trust/Prepaid Expenses Funded by insurance policy
Allows one to prepay funeral expenses and make
decisions on almost everything to do with the
funeral or celebration of life
Are funeral trusts considered assets No, they are not considered assets of an individual
of an individual in most states? and, therefore, may allow them to qualify for
government benefits or assistance.
Certified Public Accountants (CPAs) - Give advice regarding taxes and asset protection
Help from Financial Advisors
-Business consulting, retirement, estate planning,
investment management, & small business planning
-Assess the current financial situation and identify
areas for improvement
Certified Financial Planners (CFPs) Provide financial planning advice, including estate
Help from Financial Advisors and retirement planning.
