Practice Test Geeks(CEA) Certified Estate Advisor Practice Test
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Digital Asset Management Flashcards

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Read the first 7 Digital Asset Management flashcards as text

  1. Which federal law most directly governs fiduciary access to a deceased person's email and social media accounts?

    Answer: Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA)

    RUFADAA, enacted in most states, specifically grants fiduciaries legal authority to access a decedent's digital assets while respecting privacy.

  2. A client has a self-hosted cryptocurrency wallet with only a hardware device and no written seed phrase. What is the primary estate planning risk?

    Answer: Heirs may permanently lose access to the funds

    Without the seed phrase or private key, heirs have no way to recover funds from a self-hosted wallet, resulting in permanent loss.

  3. Under RUFADAA, a deceased person's online tool directive (e.g., Google's Inactive Account Manager) takes precedence over which other instructions?

    Answer: A will or trust provision

    RUFADAA establishes a hierarchy where an online tool directive supersedes conflicting instructions in a will or trust regarding digital assets.

  4. Which type of digital asset typically passes outside of probate based on platform terms of service?

    Answer: Airline frequent flyer miles with a named beneficiary

    Many airline loyalty programs allow beneficiary designations that transfer miles directly upon death outside the probate process.

  5. An estate advisor is helping a client with a profitable YouTube channel. Which intellectual property right is most relevant to its transferability?

    Answer: Copyright ownership of the content

    Copyright in the videos belongs to the creator and is transferable by will, making it the primary asset tied to a YouTube channel's value.

  6. A client stores important estate documents in a cloud storage service. What critical step must the estate plan address?

    Answer: Ensuring the fiduciary has credentials or recovery access

    Without access credentials or a recovery mechanism, the fiduciary cannot retrieve documents critical to administering the estate.

  7. For estate tax purposes, how is Bitcoin typically valued when included in a gross estate?

    Answer: At the fair market value on the date of death

    Like other property, cryptocurrency is included in the gross estate at its fair market value on the date of the decedent's death per IRC §2031.