Spring in Maine is when maple syrup season winds down, fishing season starts up, camps begin to open, and people start making lists of everything that needs to get done after a long winter. It’s a season for getting organized and preparing for the months ahead. It’s also a good time to review something many people don’t think about often: their estate plan.
Estate planning for Maine families often looks different than in other places. Many people don’t just have a house and a bank account. They have a family camp on the lake, a piece of land that’s been in the family for generations, a boat, snowmobiles, or even a small local business. These types of assets can be some of the most meaningful and sometimes the most complicated to pass on if you don’t have a plan.
Spring is a good time to sit down and review a few key parts of your estate plan.
1. Review Your Will and Who Inherits What
Start by reviewing your will. Make sure it still reflects your wishes and that the people you named to handle your estate are still the right choice.
For many Maine families, the biggest question is not just “Who gets what?” but:
- What happens to the camp?
- What happens to the boat?
- What happens to family land?
- Should certain items be sold or kept in the family?
Leaving a camp or property to multiple children without a plan can sometimes lead to disagreements later, especially when it comes to maintenance costs, taxes, and scheduling time at the property. Some families create written agreements or trusts to explain how shared property should be handled.
2. Check Your Beneficiaries
Retirement accounts, life insurance, and some bank accounts pass by beneficiary designation, not by your will. That means it’s important to review those designations regularly.
Make sure:
- Your beneficiaries are still correct
- You have backup beneficiaries listed
- Your beneficiary choices match your overall plan
This is one of the most common estate planning mistakes and one of the easiest to fix.
3. Consider Your Maine Property and Personal Items
In Maine, people often have personal property that means a lot to the family, not necessarily because it’s valuable, but because it’s part of family traditions and memories.
This might include:
- The camp and everything in it
- Boats, canoes, and kayaks
- Snowmobiles or ATVs
- Fishing gear and hunting equipment
- Tools and workshop equipment
- Family heirlooms and photo albums
It can be helpful to leave a separate written list saying who should receive certain personal items so there is no confusion later.
4. Plan for Long-Term Care
Long-term care is a major issue for Maine families. Maine has one of the oldest populations in the country, and many families eventually face nursing home or in-home care costs.
The cost of long-term care in Maine is high and continues to rise. Rough estimates:
- Home care: about $95,000–$100,000 per year
- Assisted living: about $90,000–$100,000 per year
- Nursing home: about $155,000–$170,000 per year
Because of these costs, estate planning today often includes:
- Long-term care planning
- Asset protection planning
- MaineCare planning
- Powers of attorney that allow planning if you become incapacitated
This type of planning needs to be done in advance, not during a crisis.
5. Review Powers of Attorney and Health Care Directives
Every adult should have:
- A financial power of attorney
- An advance health care directive
- A HIPAA release
Make sure the people you named are still the right choice and that your documents are up to date.
6. Organize Your Digital Life
Even in Maine, life is more digital than it used to be. Make sure someone can help access:
- Online banking
- Automatic bill pay
- Social media
- Photos stored online
- Online investment or cryptocurrency accounts
Your estate plan should include permission for someone to access digital assets if necessary.
7. Make a Simple List for Your Family
One of the most helpful things you can do is make a simple list of:
- Bank accounts
- Investment and retirement accounts
- Insurance policies
- Real estate and camp property
- Boat and vehicle information
- Debts
- Contact information for your attorney and financial advisor
This can save your family a lot of time and stress.
A Maine Spring Tradition: Getting Organized
Just like people across Maine are finishing up maple syrup season, getting ready for fishing season, and opening up camp, spring is a natural time to get organized. Reviewing your estate plan can be part of that same routine.
A good habit is to review your plan every spring:
- Review your will
- Review your beneficiaries
- Review your assets
- Review your long-term care plan
- Make sure your family knows where things are
For many Maine families, estate planning is really about a few simple goals: keeping the camp in the family, making sure the right people are taken care of, and making things as easy as possible for the next generation.
A little planning now can make a big difference later. Spring is the perfect time to do it. If you would like help reviewing your will, powers of attorney, or long-term care planning options, we are here to help.
Call us at (207) 848-5600 to schedule a time to review your estate plan, and don’t forget to download and print our Spring Clean Your Estate Plan Checklist to help you get organized.
