Maine Testate (With A Will) Application is a legal process where an individual transfers their assets after death according to the instructions in their last will and testament. After the individual's death, the Executor or Personal Representative is responsible for submitting the Maine Testate (With A Will) Application to the appropriate probate court. The application includes the full name and address of the deceased, the names and addresses of the Executor/Personal Representative and any beneficiaries, the date and place of death, the terms of the will, and a list of assets and liabilities. If the application is approved, the court will issue Letters Testamentary, which authorizes the Executor/Personal Representative to administer the estate during the probate process. There are two types of Maine Testate (With A Will) Applications; Form P-22 for Small Estates and Form P-21 for Regular Estates. Form P-22 is to be used for estates that have a gross value of assets up to $50,000, while Form P-21 is to be used for estates with a gross value of assets greater than $50,000.
Maine Testate (With A Will) Application
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FAQ
Does every estate have to go through probate? No. Certain kinds of property can be passed without going through probate. Property owned with a ?Right of Survivorship? automatically transfers to the joint owner at death and that person owns the property fully.
How Long Do You Have to File Probate After a Death in Maine? Probate must be filed within three years of the person's death as listed in the Maine Code Title 18-C Section 3-108. There are a few exceptions where probate would be accepted after this deadline.
Generally, the probate process takes about 9-12 months. However, as an experienced Maine probate lawyer can explain, it can take longer if there are complications such as litigation, and it can take less time if the estate has minimal assets and is uncomplicated.
In Maine, if you die without a will, your property will be distributed ing to state "intestacy" laws. Maine's intestacy law gives your property to your closest relatives, beginning with your spouse and children. If you have neither a spouse nor children, your grandchildren or your parents will get your property.
Maine probate follows this general flow: contact the court, get appointed as personal representative, submit will if it exists, inventory and submit valuations of all relevant assets, have the court and beneficiaries approve it, and then distribute the assets to beneficiaries.
No. Certain kinds of property can be passed without going through probate. Property owned with a ?Right of Survivorship? automatically transfers to the joint owner at death and that person owns the property fully. Property can also pass through a Trust established during the decedent's lifetime.
Listed below are some of the non-probate assets available in Maine. Any property in a living trust. Life insurance policies. 401(k)s, IRAs, other retirement accounts. Securities in transfer-on-death accounts. Pay-on-death bank accounts. Joint tenancy real property.