Estate Planning FAQ's

Estate Planning Questions and Answers Maine

Common Questions Our Clients Ask

1. Does AIM assist with MaineCare/Medicaid applications?
Yes! At Aging in Maine, we have helped many clients successfully complete their MaineCare (Medicaid) applications. Planning for long-term care costs through MaineCare requires a careful review of your financial situation, including assets and income. Our team takes the time to analyze your case, protect as many assets as legally possible, and guide you step by step to qualify for the benefits you need.
2. Will I need a Power of Attorney? (Financial and Healthcare)
Absolutely — YES! A Power of Attorney is one of the most important legal documents everyone should have — from college students to seniors. It allows your chosen agent to step in and make financial or healthcare decisions if you are unable to do so. Having a Power of Attorney in place can save your family significant time, stress, and expense by avoiding the need for a court-ordered guardianship or conservatorship if you ever become incapacitated.
3. Should I have a Will or a Trust?
Every family is unique — with different needs, goals, and circumstances. The decision between creating a Will or a Trust depends on your personal situation, assets, and family dynamics. At Aging in Maine, we carefully review your specific circumstances before recommending which option is best for you. While trusts have become very common for many purposes, a properly drafted will may still be the right choice for some families.

4. Do I really need an attorney, or can I just download a form?
While online forms may seem convenient, they are one-size-fits-all and cannot address the unique details of your family situation, goals, and assets. Estate planning documents like wills, trusts, and powers of attorney should be tailored to your specific needs to avoid costly mistakes or disputes later. Working with an experienced attorney ensures your documents are legally valid, comprehensive, and designed to truly protect you and your loved ones.
5. Must I transfer my home into my children’s name or just use a Will?
Transferring your home (or any major asset) into your child’s name can create serious risks. That property becomes vulnerable to your child’s creditors, lawsuits, divorce settlements, or other financial issues — meaning you could lose your home through no fault of your own. In most cases, we do not recommend this approach. Instead, we review your goals and help determine whether a Will or a Trust is the safest way to protect your home and ensure it passes to your children as intended. (See also Question #3.)
6. Is Putting my children on my bank accounts a good idea?
Generally, no — adding children to your bank accounts as joint owners can expose your money to their financial risks. If your child is ever involved in a car accident, divorce, or lawsuit, your funds could be at risk of being seized by creditors. Fortunately, there are better ways to avoid probate and ensure your accounts go to the right person after your death.
If you need someone to help pay your bills or manage your finances while you are alive, consider a Power of Attorney instead (see Question #2).