This pamphlet provides an overview of disclaimers by those who inherit assets they choose not to accept. Topics included cover why a disclaimer may be made and the general rules for making a disclaimer. A link to state-specific information is provided.
Maine USLegal Pamphlet on Disclaiming an Inheritance
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FAQ
Maine Inheritance Law for Children If you die with children but no spouse, your children will inherit everything. If you die with a spouse and descendants from you and your spouse, your spouse will inherit the first $50,000 of the intestate property, then half the remaining balance.
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.
Probate can be a lengthy process in Maine. It generally takes a minimum of six to twelve months, but it can extend beyond that, often lasting a year or more. Complex estates or disputes among beneficiaries can further lengthen the process.
To decide whether probate is necessary for a particular estate, the individual's assets must be identified and valued. If the probate estate has a total value (value of probate assets minus any liens and encumbrances) of $40,000 or less and does not include any real property, then probate is not necessary.
A disclaimer of interest is, essentially, a written statement to the probate court where someone who stands to inherit property or assets states that they do not wish to exercise that inheritance. They ?disclaim? any right to receive the interest that they otherwise would.
No, in Maine, you do not need to notarize your will to make it legal. However, Maine allows you to make your will "self-proving" and you'll need to go to a notary if you want to do that. A self-proving will speeds up probate because the court can accept the will without contacting the witnesses who signed it.
You can also write your will yourself. This is called a Holographic Will. The Will must be written in your own handwriting and signed by you.
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.
