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Maine Estate Planning

Estate planning helps manage your assets and wishes for the future. Attorney-drafted templates simplify the process, making it quick and straightforward.

intro Estate Planning

What is Estate Planning?

Estate planning involves creating documents that outline how your assets will be managed and distributed. These documents are essential for ensuring your wishes are honored. Explore subcategories for the templates that suit your needs.

Common Maine Estate Planning documents

  • Last Will and Testament — defines how assets are distributed after death.
  • Power of Attorney — appoints someone to make decisions on your behalf.
  • Living Trust — holds assets for your benefit during your lifetime and beyond.
  • Living Will — outlines your healthcare wishes if you cannot communicate.
  • Advance Healthcare Directive — specifies medical treatment preferences.
  • Durable Power of Attorney for Healthcare — appoints an agent for medical decisions.
  • Probate Documents — manage the legal process of asset distribution after death.

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Similar documents: key differences

  • Will vs. Trust — a will distributes assets after death, while a trust can manage them during life.
  • Power of Attorney vs. Living Will — a power of attorney assigns decision-making authority, while a living will specifies healthcare wishes.
  • Advance Directive vs. Living Will — both address healthcare preferences, but advance directives can include other decisions.
  • Durable Power of Attorney vs. General Power of Attorney — durable remains effective if you become incapacitated, while general does not.
  • Beneficiary Designation vs. Will — beneficiary designations are direct asset transfers, while wills address all assets.

  • Many estate planning documents require witnesses or notarization for validity.

  • It's vital to keep your documents updated after life changes, like marriage or divorce.

  • Selecting responsible parties is crucial for ensuring your wishes are followed.

  • Documents may need to interact, such as coordinating beneficiary designations and wills.

  • Securely store original documents to ensure they are accessible when needed.

  • Ensure that titles and designations match the names in your documents.

  • Review your estate plan regularly to reflect changes in your life or assets.

How to get started

Start in minutes with these steps.

  • Find a template or package that fits your situation.
  • Review the description, preview, and signing requirements.
  • Get full access with a subscription.
  • Complete it in the online editor.
  • Export or send: download, email, USPS mail, notarize online, or send for e-signature (Premium).

Practical tip

Consider designating a primary and secondary agent for your Power of Attorney to prevent delays.

FAQs

What is estate planning?

Do I need a will if I have a trust?

What happens if I don’t have an estate plan?

Can I change my estate plan later?

What is probate?

Glossary

  • Estate - all assets owned by an individual at death.
  • Beneficiary - a person designated to receive assets from a will or trust.
  • Testator - a person who creates a will.
  • Executor - the person responsible for administering a deceased person's estate.
  • Trustee - an individual or entity managing a trust for beneficiaries.
  • Intestate - dying without a valid will.
  • Durable Power of Attorney - remains effective if the principal becomes incapacitated.
  • Healthcare Proxy - a person appointed to make medical decisions on your behalf.
  • Will - a legal document outlining asset distribution after death.
  • Living Trust - a trust created during an individual's life to manage assets.

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