A new online quiz can help business owners find out in about 15 minutes if they are sufficiently informed about estate planning. Unlike most consumer how-to books on the topic, this quiz is designed specifically for Canadian entrepreneurs.

The quiz consists of 15 basic questions about issues such as asset liquidity, the decision-making power of their executor, property disposal upon death and transition of business interests. After answering the questions, the entrepreneur instantly receives a score and answers to each of the questions.

The quiz is a joint project between Profitguide.com and Grant Thornton LLP, a firm of chartered accountants and management consultants with offices across Canada

The quiz was developed in response to a growing desire for entrepreneurs to learn about estate planning. In a recent Grant Thornton survey of Canadian owner-managers, 55% considered personal retirement and succession planning essential in their business plans. Ensuring they have enough money for retirement was the most important issue for entrepreneurs. Also, demographic trends suggest the Boomer generation, now in their 40s and 50s, are more interested in putting their own house in order as they sit down with elderly parents who are planning their estate.