Why Having a Will Matters
Thinking about a Will isn’t always easy. For many people, it is something they intend to deal with “someday.” Others assume they are too young, don’t own enough, or believe their family will automatically know what to do.
Unfortunately, those assumptions can create confusion later. A Will is one of the basic tools Maine residents can use to make their wishes clear and make things easier for the people they leave behind.
Here are some of the most common myths about Wills and what Maine residents should know.
Myth #1: “I’m Too Young to Need a Will.”
Wills are not just for older adults. Once you are an adult, there may be good reasons to have one, particularly if you own property, have children, are married, have a partner, or simply want a say in what happens to your belongings.
For parents of minor children, a Will is especially important because it gives you an opportunity to nominate the person you would want to serve as guardian if something happened to both parents. Ultimately, the court considers the child's best interests, but putting your wishes in writing can provide important guidance.
Myth #2: “I Don’t Have Enough Money to Need a Will.”
You don't need to own a large home on the Maine coast or have a substantial investment portfolio for a Will to matter.
An estate can include a home, land, vehicles, bank accounts, personal belongings, family heirlooms, and many other assets. A Will can provide instructions about who should receive those assets and who should be responsible for administering your estate.
Estate planning is not just about how much you own. It is about deciding what should happen to what you do own.
Myth #3: “My Spouse Will Automatically Get Everything.”
This is a particularly important misconception.
When a Maine resident dies without a valid Will, which is known as dying intestate, Maine law determines who inherits the probate estate. A surviving spouse may receive all of the estate in some family situations, but not necessarily in every situation.
The result can depend on whether the person who died had children, whether those children were also the surviving spouse's children, and whether parents or other relatives survive.
A Will gives you greater control instead of relying on Maine's default inheritance rules.
Myth #4: “Having a Will Means My Estate Won’t Go Through Probate.”
A Will does not necessarily avoid probate.
Probate is the legal process through which an estate may be administered after someone dies. A Will provides instructions for that process, including who should receive property and who you nominate to serve as your personal representative.
Having a Will can make your wishes much clearer, but a Will by itself generally does not eliminate the possibility of probate in Maine.
Myth #5: “My Will Controls Everything I Own.”
Not necessarily.
Some property can pass outside of your Will. For example, a life insurance policy generally goes to the beneficiary named on the policy. Retirement accounts may also have designated beneficiaries. Certain jointly owned property and accounts with payable-on-death or transfer-on-death designations can also pass outside of a Will.
That is why estate planning should involve more than simply signing a Will. Your Will, account ownership, and beneficiary designations should work together.
Myth #6: “Once I Have a Will, I Never Need to Think About It Again.”
Life changes, and your estate plan should keep up.
Marriage, divorce, the birth or adoption of a child, the death of a loved one, buying or selling property, retirement, and major financial changes can all be reasons to review your Will.
Moving can matter, too. If you move to Maine from another state or leave Maine for another state, it is a good idea to have your estate planning documents reviewed to determine whether they still accomplish what you intended under the laws that apply to you.
Myth #7: “My Family Already Knows What I Want.”
Your family may know what you have told them, but conversations are not the same thing as a legally valid estate plan.
Memories can differ. Circumstances can change. Even family members with good relationships can disagree about what someone wanted.
Putting your wishes into a properly prepared and executed Will can provide clarity when your family needs it most.
Myth #8: “My Will Determines Who Gets My Retirement Account and Life Insurance.”
Often, it doesn't.
Retirement plans, life insurance policies, and certain financial accounts commonly allow you to name beneficiaries. Those beneficiary designations can determine who receives the asset regardless of what your Will says.
For example, changing your Will without reviewing an old beneficiary designation may not produce the result you expect.
An estate plan should therefore include a review of beneficiary designations as well as the Will itself.
Myth #9: “I Can Just Write Down What I Want and Sign It.”
Maine law has requirements governing how Wills are created and executed. Maine also recognizes certain types of handwritten Wills under particular circumstances, but that does not mean an informal note is always a safe substitute for a properly prepared Will.
A document that is unclear or does not satisfy applicable legal requirements can create exactly the kind of uncertainty you were trying to prevent.
Taking the time to prepare and execute a Will correctly can help avoid questions later.
Myth #10: “A Will Is All the Estate Planning I Need.”
A Will is important, but it may be only one part of a complete estate plan.
Depending on your circumstances, an estate plan may also include powers of attorney, advance health-care directives, beneficiary designations, trusts, and planning for property that passes outside of probate.
The goal is not simply to have a stack of legal documents. The goal is to have a coordinated plan that reflects your wishes and works when it is needed.
A Will Is About Making Your Wishes Clear
For Maine residents, having a Will is less about wealth or age and more about having a plan.
Without one, Maine law may determine what happens to your probate property. With a properly prepared estate plan, you have a greater opportunity to decide who should receive your property, who should administer your estate, and how you want to provide for the people who matter to you.
If you already have a Will, it may be worth reviewing it periodically to make sure it still reflects your life and your wishes. If you don't have one, creating an estate plan can provide clarity for both you and your family.
Important Note
This article provides general educational information about estate planning in Maine and is not a substitute for legal advice regarding an individual situation.
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