You have just started your Estate Planning firm. Your friend who is into Estate Planning since 5 years explains you that an Ideal Estate Planning Prospect is one who is aged ___ or over and are _______________.

A. 30, Married with Children

B. 30, Married with no children

C. 35, Married with Children

D. 35, Married with no Children

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

______________ does not divest the policy holder of his rights in the policy and he retains disposing power over it.

A. Assignment

B. Nomination

C. Reinsurance

D. Transferring

Full form of IRA is_____________

A. Individual Revocable Account

B. Individual Retirement Arrangement

C. Individual Retirement Attorney

D. Individual Retirement Aggregation

In case one wants to sell his/her business interest __________ and __________ are not appropriate.

A. Lifetime Gifts, Bequest

B. Lifetime Sale, Bequest

C. Estate Sale, Buy-Sell Agreement

D. Buy Sell Agreement, Bequest

In context to Workmen’s Compensation Act, any claim for the compensation should be made within _________ of the occurrence of the accident or from the date of death.

A. 6 months

B. 10 months

C. 1 year

D. 2 years

Who needs an Estate Plan?

A. Everyone

B. HNI

C. Terminally ill

D. Elderly

A trust involves_______ parties. ___________ is the person who establishes the trust.

A. Two, Settlor

B. Three, Settlor

C. Two, Executor

D. Three, Executor

If a soldier makes a Will in oral form, for what time will it be valid?

A. It will be valid always

B. Valid for only a month

C. Valid for three months

D. Soldier cannot make Oral will

The goals of Estate Planning can be broadly divided into_______ categories.

A. Two

B. Three

C. Four

D. Five

Registration of Power of Attorney is __________in India. If Power of Attorney is in respect of immovable property of value more than __________ it must be registered.

A. Compulsory, Rs.500

B. Optional, Rs. 500

C. Compulsory, Rs. 100

D. Optional, Rs. 100

You are an Estate Planner. A client gives you the following information (given below in Table).



You are required to make Quick Estimate of Estate’s liquidity. All figures are in Rupees. The estimate in this case is ______________

A. 5,68,000

B. (5,68,000)

C. (1,30,000)

D. 1,30,000