You signed your Will. You’re done with estate planning forever, right?
Not exactly.
Signing a Will is an important step, but a good estate plan is not something you necessarily create once and never think about again. If you have been following our National Make-A-Will Month series this August, you already know how important a Will can be. It can help you plan for the people and property you leave behind.
After your Will is complete, there are a few practical steps you can take. These steps can help make sure your plan works as intended when it is eventually needed.
As Make-A-Will Month comes to a close, let’s look at what Maine residents should consider after signing a Will.
Keep the Original Will Safe and Make Sure It Can Be Found
Once you sign your Will, decide where you will keep the original.
Under Maine law, a Will generally must meet certain requirements to be valid. If you are not familiar with what a Will does, our guide to what a Will is in Maine provides a helpful starting point.
The original document can become important during the probate process. Keep it somewhere safe from loss, damage, or accidental destruction.
But a Will that is safely stored and impossible for anyone to find can create its own problems.
Make sure your nominated Personal Representative, the person you selected to administer your estate, knows that you have a Will. Another trusted person can also have this information. At least one appropriate person should know where to find the original.
Choosing the right person for that responsibility deserves careful thought. If you are still considering who should serve, read our guide on how to choose a Personal Representative in Maine.
If you keep your Will in a safe, locked filing cabinet, or another secure location, consider who will be able to access it when necessary.
Review Your Beneficiary Designations
Your Will does not necessarily control everything you own.
Assets such as life insurance policies, retirement accounts, and certain bank or investment accounts may pass directly to a named beneficiary. As a result, they may not pass through your Will and your Maine probate estate.
That makes beneficiary designations an important part of the estate planning process.
After signing your Will, review the beneficiaries listed on those accounts. Are they still the people you want to receive the assets? Have you named contingent beneficiaries where appropriate?
This is particularly important after a major life change. Examples include marriage, divorce, the birth or adoption of a child, or the death of a beneficiary.
Think of your Will and beneficiary designations as different parts of your overall estate plan.
Some common assumptions about Wills and inheritance are also not necessarily accurate. We address several of them in 10 Common Myths About Having a Will in Maine.
Keep Important Information Organized
Think about what your Personal Representative or family would need to know if they suddenly had to handle your affairs.
Consider keeping an organized record of important information. This might include financial accounts, insurance policies, real estate, vehicles, retirement accounts, and debts. You can also include contact information for attorneys, accountants, financial advisors, and other professionals.
For Maine residents, think about property that people can sometimes overlook. This may include a camp, woodlot, family land, seasonal property, recreational vehicles, boats, or jointly owned property.
The goal is not to leave sensitive financial information or passwords somewhere insecure. Instead, give the appropriate people a reasonable roadmap. They should be able to determine what exists and where to find important documents and information.
Organization is especially important if someone dies without a valid Will. In that situation, Maine law may determine who inherits probate property. You can read more about what happens if you die without a Will in Maine.
Review Your Estate Plan as Life Changes
Your Will reflects your wishes and circumstances when you sign it. Life rarely stays exactly the same.
Many life events may give you a reason to review your estate plan. These include marriage or divorce, the birth or adoption of a child, or the death of a beneficiary or Personal Representative. A significant change in assets, the purchase or sale of real estate, or changing family relationships can also warrant a review.
For unmarried couples, keeping an estate plan current can be particularly important. Maine law does not necessarily give an unmarried partner the same inheritance rights as a spouse. We discuss this topic in our guide to unmarried couples and Wills in Maine.
Moving is another good reason for a review.
Perhaps you created your estate plan while living in another state and have since become a Maine resident. Or maybe you plan to leave Maine and establish residency elsewhere. In either situation, consider asking an attorney to review your documents. Different states can have different laws and procedures affecting estate planning and probate.
Even if nothing dramatic has changed, periodically looking over your documents can help you answer an important question:
Does the estate plan I have today still reflect what I want?
If you are wondering whether enough has changed to justify another look, read our guide on when you should update your Will.
Don’t Make Changes to Your Will on Your Own
If something needs to change, resist the temptation to cross out a name or write a new provision in the margin. You should also avoid otherwise altering your signed Will yourself.
Maine law has requirements governing the execution and modification of Wills. An informal change could create uncertainty about whether the change is legally effective. It could even raise questions about the document itself.
If your wishes or circumstances have changed, talk with a Maine estate planning attorney about the appropriate way to update your plan.
Sometimes the solution may be straightforward. Other situations may call for a broader review of your Will and related documents.
Remember, a Will Is Only One Estate Planning Tool
A Will is a great estate planning tool, but it is not the only tool available. It may not address every concern you have about the future.
Depending on your circumstances and goals, other estate planning tools may help. For example, a trust may help manage how and when assets go to beneficiaries. Trusts can also help address other specific planning goals.
Estate planning should consider more than what happens after you die. Long-term care planning can play an important role in protecting yourself, your family, and your options as you age.
Planning ahead may give you more choices. Waiting until a health crisis or the need for nursing home care arises can limit those choices.
That is why it can be helpful to look at your Will as one piece of a larger plan. Your estate plan may also include trusts, powers of attorney, advance health care directives, and beneficiary designations. It may also include planning for the possibility of future long-term care.
The best time to consider these options is before a crisis forces you or your family to make decisions quickly.
Your Will Is Part of an Ongoing Plan
Make-A-Will Month is a good reminder to finally create the Will you have been putting off.
But signing it should not be the last time you think about your estate plan.
Keep the original safe and accessible. Make sure the appropriate people know where to find important documents. Review beneficiary designations and keep your financial and property information organized.
Revisit your plan when your life changes. You should also consider whether a Will alone addresses your goals. Other estate planning and long-term care planning tools may deserve a place in the conversation.
You made a plan. Now make sure it continues to reflect your life, your property, the people you want to protect, and your future needs.
Have Questions About Your Will or Estate Plan?
If you already have a Will, now is a good time to ask whether your overall plan still fits your life.
Maybe your Will needs an update. Maybe a trust or another estate planning tool would be helpful. Or perhaps it is time to start talking about long-term care planning while you still have time and options.
Contact Aging In Maine at (207) 848-5600 to talk with our team about your estate plan and long-term care planning. We can help you consider the next steps that may be appropriate for you and your family.
