Question 1

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 2

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

Accepted Answer

A) True 
 B)False

Question 3

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 witnesses 
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 witnesses

Question 4

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. 
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.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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. 
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.

Question 8

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 9

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

Accepted Answer

A) lawsuit 
B) trust 
C) probate 
D) rider 
E) codicil 
A) lawsuit 
B) trust 
C) probate 
D) rider 
E) codicil

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

Question 11

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.assets 
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.assets

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 useful only to rich and elderly people.

Accepted Answer

A) True 
 B)False

Question 14

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. 
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.

Question 15

Estate planning is not an essential part of retirement planning.

Accepted Answer

A) True 
 B)False

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

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

A living will _______________

The second part of estate planning consists of:

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

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

Estate planning involves

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

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

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:

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

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.

Estate planning is useful only to rich and elderly people.

An ethical will is

Estate planning is not an essential part of retirement planning.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

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Exam 15: Estate Planning

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

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

A living will _______________

The second part of estate planning consists of:

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

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

Estate planning involves

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

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

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:

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

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.

Estate planning is useful only to rich and elderly people.

An ethical will is

Estate planning is not an essential part of retirement planning.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Banking Services of Financial Institutions

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Filters