Maine Estate Planning
Why do you need estate planning? That's a good question. Estate planning is tailored to an individual's specific needs, but can help you safeguard your financial future, take control of your medical care even if you're incapacitated and unable to communicate, and ensure your family is taken care of after you pass away. Certain estate planning strategies can also help you minimize federal and Maine estate taxes. Talk to an estate planning attorney today to learn which tools are right for you.
The Basics of Estate Planning
Estate planning isn't just for elderly and wealthy people. Every adult should have some basic estate plans in place, and certain people will have more extensive estate planning needs.
The last will and testament is the most well-known of the estate planning tools. It enables you to:
- Name an executor to manage your estate (which includes money, personal property and real estate) after you die
- Explain how you'd like your estate distributed after your death
- Designate a legal guardian for your minor children
Under Maine law, anyone who is 18 years old and "of sound mind" can create a last will and testament.
Other estate planning tools can help you distribute your assets outside of the last will and testament. For example, a living trust can be used to quickly and privately pass assets onto your heirs after you die.
Still other estate planning tools help you take greater control over your healthcare while you're alive. A healthcare power of attorney lets you name a proxy or surrogate who can make medical decisions on your behalf if you're incapacitated. And a living will allows you to explain your end-of-life treatment preferences.
Finally, a power of attorney lets you designated someone to serve as your attorney in fact, authorizing them to take certain legal and financial actions on your behalf. This might include signing legal documents for you or accessing your financial accounts and paying your bills.
Find & Hire Local Maine Estate Planning Attorneys
Need help finding estate planning lawyers in your area? Whether you live in Portland, Lewiston or elsewhere in Maine, Attorneys.com offers a free, no-obligation service that can quickly match you with local lawyers. Complete the form on this page or call us at 877-913-7222 to get matched with an attorney in your area today.