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Total 481 questions
Which of the following is a way to Revoke a Will?
- A. None of the above
- B. Both (i) and (ii)
- C. Only (iii)
- D. (i), (ii) and (iii)
Answer : D
Which of the following statement(s) about Public Trust is/are correct?
- A. Only (i)
- B. Only (ii)
- C. Both (i) and (ii)
- D. Neither (i) nor (ii)
Answer : B
What is a ‘CestuquieTrust’?
- A. It is a Trust created for People with Minor children.
- B. It is a Trust created by people in high-liability occupations
- C. It is the person for whose benefit the property is transferred.
- D. It is another name for ‘Deed of Trust’
Answer : C
Which of the following statement(s) about Minute Book is/are correct?
- A. Both (i) and (ii)
- B. Neither (i) nor (ii)
- C. Only (i)
- D. Only (ii)
Answer : D
In which of the following case/cases Revocation of Power of Attorney is possible?
- A. Only (i)
- B. Both (i) and (ii)
- C. (i), (ii) and (iii)
- D. Only (ii)
Answer : C
Which of the following statement(s) about ‘Whole Life Insurance’ is/are correct?
- A. Both (i) and (ii)
- B. Only(i)
- C. Only (ii)
- D. Neither (i) nor (ii)
Answer : B
You are an Estate Planner. Mr. Arun Mittal, a HNI client asks you to explain him the number of ways to dispose of his wealth. You explain to him about the three ways of disposing wealth. He further asks you to give ranking to the methods-from most preferred to least preferred. You tell Mr. Arun that the correct order is _________________.
- A. Consumption, Inheritance, Philanthropy
- B. Inheritance, Consumption, Philanthropy
- C. Philanthropy, Inheritance, Consumption
- D. None as he can dispose his wealth in any order.
Answer : A
There are ______types of Charitable Trust. Out of these, in ________________ the value of assets are protected against inflation as the payouts vary with the asset value.
- A. Two, Charitable Remainder Unit Trust
- B. Two, Charitable Remainder Annuity Trust
- C. Three, Charitable Remainder Unit Trust
- D. Three, Charitable Remainder Annuity Trust
Answer : D
Estate Planning Process is eight-step procedure that a manager has to follow. The Eight
Steps are as given below (not in any order)
The correct order is -
- A. (i)-(ii)-(iii)-(iv)-(v)-(vi)-(vii)-(viii)
- B. (ii)-(i)-(iii)-(iv)-(vi)-(vii)-(viii)-(v)
- C. (ii)-(i)-(iii)-(iv)-(vi)-(vii)-(v)-(viii)
- D. (ii)-(i)-(iii)-(iv)-(vi)-(v)-(vii)-(viii)
Answer : B
There are four general categories of charitable gifts for donors and non-profits to consider.
Out of these________ and ____________ require no contracts, trusts, trustees or special income tax returns. On the other hand, for __________ and _____________most donors and non-profits will need significant level of financial sophistication.
- A. Outright Gifts, Bequest, Life Income Gifts, Family Foundations
- B. Outright Gifts, Life Income Gifts, Bequest, Family Foundations
- C. Family Foundation, Bequest, Life Income Gifts, Outright Gifts
- D. Family Foundation, Outright Gifts, Life Income Gifts, Bequest
Answer : A
You are an Estate Planner. A client asks you to explain him the process of Probate. You explain him that Probate is one of the ways to pass ownership of estate property to a decedents survivors. The client further asks you to outline the various steps of Probate. As an estate planner, you would outline the steps of probate as follows (please specify the correct order)
- A. (i)-(ii)-(iii)-(iv)
- B. (ii)-(iii)-(i)-(iv)
- C. (i)-(iii)-(ii)-(iv)
- D. (iii)-(i)-(ii)-(iv)
Answer : B
Which of the following statement(s) about codicil is/are correct?
- A. Only (i)
- B. Both (i) and (iv)
- C. (i),(ii),(iii) and (iv)
- D. (i),(iii) and (iv)
Answer : D
According to ___________ of the Registration Act, 1908 the registration of a Will is not compulsory. A suit can only be filed within ___________days after the refusal of registration by the Registrar. An oral will made by a soldier above 18 years of age will be valid for __________ while a written will be valid for ___________.
- A. Section 18, 30, One month, Forever
- B. Section 18,15,One Month, Three Months
- C. Section 8, 15, One Month, Forever
- D. Section 8, 30, One Month, Forever
Answer : A
Which of the following statement(s) about Estate Planning is/are correct?
- A. (i),(ii),(iii) and (iv)
- B. Only (iii)
- C. (iii) and (iv)
- D. Only (ii)
Answer : D
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