Get a Will or Trust tailored to your needs!
Plan Your Will or Trust in Maine - We look forward to helping you create a will or set up a trust in Maine that fits your family’s needs. At Aging in Maine, we specialize in customized estate planning to protect your assets, honor your wishes, and provide peace of mind for you and your loved ones.
Ready to Create Your Will?
Before you start, it’s important to understand the different types of wills and how each works. Choosing the right one ensures your wishes are honored and your loved ones are protected.
Last Will and Testament
A last will and testament outlines how your assets — such as bank accounts, real estate, personal property, and valuables — should be distributed after your death. It can also:
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Name guardians for minor children or dependents
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Appoint someone to manage your estate and accounts
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Include instructions for digital assets (e.g., PayPal, online accounts)
Pour-Over Will
A pour-over will transfers any remaining assets into a previously established trust when you pass away. This type of will is typically created alongside a trust to ensure all property is handled as planned.
Living Will / Advance Directive
A living will (or advance directive) documents the type of medical care you want if you are unable to speak for yourself. It guides healthcare providers and your loved ones during difficult decisions.
Joint, Mutual, and Mirror Wills
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Joint or mutual wills are designed for married couples and ensure property is distributed in the same way for both spouses.
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Mirror wills are two separate but identical wills, which may or may not be legally binding as mutual wills.
Holographic (Handwritten) Wills
A holographic will is handwritten and valid only in certain states. Each state has its own rules for acceptance in probate court, and there is a risk that the court may reject it.
Even if you have few assets, the safest option is to have your will professionally prepared by an estate planning attorney. Video recordings are not legally valid as wills.
Ready to get a will? Call us!
Thinking About Setting Up a Trust?
Trusts are more complex than wills, but they can offer significant benefits for you and your beneficiaries. A trust allows you to manage and distribute your assets during your lifetime and after your death. Trusts give you more control over when and how your assets are distributed.
Creating a trust is just the first step. You must fund the trust by legally transferring your assets into it — making the trust the owner. This process can be more involved, but it often helps you avoid probate and keeps your personal records private.
Avoiding probate is a major advantage for many families and often justifies the extra legal work required to create a trust. There are many types of trusts, each designed for different purposes, but they generally fall into three main categories.
Main Types of Trusts
1. Revocable Living Trust
The most common type of trust is the revocable living trust.
- Grantor control: The person who creates the trust (grantor) can also serve as trustee during their lifetime.
- Flexibility: The grantor can change the trust, move assets in or out, or revoke it entirely.
- Automatic conversion: Upon the grantor’s death, the trust becomes irrevocable and the terms are followed as written.
2. Irrevocable Living Trust
An irrevocable living trust is legally binding once created and offers limited ability to make changes.
- Permanent control transfer: The grantor transfers assets to the trust, which are then managed by the named trustee.
- No take-backs: The grantor cannot revoke or undo the trust.
- Key benefit: Provides potential tax advantages and can protect assets (such as a home or savings) from the high cost of long-term care.
3. Testamentary Trust
A testamentary trust is created through a will and only takes effect after the testator’s death.
- Court oversight: The executor of the estate manages the trust according to the will’s instructions as part of probate.
- Common uses: Providing for minor children, protecting benefits for disabled beneficiaries, and reducing estate taxes.
Examples of Assets to Place in a Trust
- Stocks, bonds, and mutual funds
- Money market or brokerage accounts
- Patents, copyrights, and royalties
- Real estate (home, vacation property, land)
- Business interests and promissory notes
- Jewelry, art, or valuable collections
Assets That Usually Do Not Go in a Trust
- Life insurance proceeds (unless the trust is named as beneficiary)
- Payable-on-death (POD) bank accounts
- Retirement accounts (IRA, 401k, etc.)
- Jointly owned property
- Real estate with a transfer-on-death deed
Bottom line: A trust can give you greater control, protect your privacy, and help your family avoid probate. Choosing the right type of trust — and funding it properly — is essential. An experienced estate planning attorney can help you decide which trust fits your goals.
There are many benefits that proper estate planning can provide to your family and it's worth some thoughtful contemplation. We would be happy to meet with you and discuss which options are best for your particular situation. Check out our contact page or give us a call at (207)848-5600
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Call us at (207)848-5600