Any property that is not put into the Trust should be included in a “pour-over Will” (a Will made up of any assets not included in a Trust). Revocable Living Trust – To make a Living Trust, the principal has to transfer the ownership of all their assets to that of a Trust. Signing Requirements ( § 2-502) – The state requires that a Will be signed by the testator (or their representative), at least two (2) witnesses.A Will must be put through probate court before the principal’s estate can be distributed. Last Will and Testament – A Will allows the principal (called the “testator”) to detail instructions on how their property is to be divided after they die. Here are the two most commonly used options that individuals choose from for this purpose: The principal will have to execute at least one (1) estate transfer document in order to plan the administration of their estate. Benefits from governmental programs or civil or military service ( §5-944).Personal and family maintenance ( §5-943).Estates, trusts and other beneficial interests ( §5-941).Operation of entity or business ( §5-939).Banks and other financial institutions ( §5-938).Signing Requirements ( § 5-905(1)) – The principal must sign the document and acknowledge their signature before a notary public, who must sign as well.On the document, the principal will be able to specify which powers they allow. It should be noted that all powers of attorney in Maine are considered durable unless otherwise stated within the document by which the agent is appointed ( § 5-904).ĭurable Power of Attorney – This form can be used by the principal to appoint a financial agent. The principal can also decide that the agent is only given representative powers only in the event of their incapacity. The term “durable” indicates that the agent’s authority will persist following the incapacitation of the principal. These instructions do not constitute legal advise and only provide an introductory guide to estate planning.Ī financial agent is an individual who is able to execute legal instruments on the principal’s behalf and manage their financial affairs. In the below guide, different options are described that can help individuals start preparing for the future. Without the execution of estate planning documents, an individual’s incapacitation or death can put their family into a difficult situation. How to Create an Estate Plan in Maine (6 steps) To plan for the administration of an individual’s estate, the Last Will and Testament or the Revocable Living Trust can be used. The Advance Health Care Directive and Durable Power of Attorney forms are used to appoint a representative to act in an individual’s best interests if they become mentally or physically incapacitated. A Maine estate planning checklist is a guide to start planning for end-of-life arrangements, property disbursements, and medical preferences.
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