Estate Planning in Maine
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Making your Will in Maine
Properly providing for your loved ones and family members, ensuring your interests are protected and taken into account, and naming approved guardians for your children are some of the considerations one faces when making a will. The Law Office of Shafto Law can help you plan and prepare your last will and testament.
Forming Trusts in Maine
Trusts are commonly used for a number of purposes in Maine. By forming a trust you’re better able to use and distribute your assets the way you intend, and to the people you choose. By selecting the right kind of trust, you may be able to ensure that you or a loved one can use your assets without risking government benefits. Plus, you may be able to eliminate or reduce estate tax liability.
Other benefits include:
Avoid probate
Avoid the formation of conservatorships
Common trusts include:
Family trusts
Revocable trusts (living trusts)
Single asset trusts
Special needs trusts
Testimonial trusts
Shafto Law can help understand your situation and needs to best select the type of trust that is best for you.
Assigning Power of Attorney in Maine
Using a power of attorney in Maine allows you to assign a trusted individual access to your assets and accounts. A power of attorney can be as broad or narrow in scope as you need, and is often used as a convenience measure or as protection for you and your assets if you are ever incapacitated. Additionally, having a power of attorney can prevent a court-appointed conservator from serving on your behalf.
Handling Health Care Proxy in Maine
With a health care proxy, you’re able to appoint an individual to make decisions related to your medical care on your behalf. This individual is able to exercise this power only when you are unable to make those decisions for yourself. Additionally, in the case of your potential incapacity, a health care proxy may prevent a court guardianship from being set up on your behalf.
Establishing Living Wills in Maine
In the case of a medical situation in which you are unable to communicate your wishes, a living will can be used to tell your doctors, nurses, and/or health care agent how you would like the situation handled. A living will declares your previously determined wishes regarding how you wish to be treated in a medical emergency when you are unable to represent yourself. With a living will, family members may also find relief from making difficult medical decisions on your behalf if your specific wishes are previously and legally documented.
Prenuptial Agreements in Maine
Shafto Law can produce the written contract required in establishing a prenuptial or premarital agreement in Maine. Establishing each person’s right to property should a marriage dissolve can be a beneficial planning tool. There are a number of benefits to writing a prenup in Maine that may not be immediately apparent. Some of those benefits include:
Ensuring that in the event of divorce or death, your personal property is passed to any of your children from a prior marriage
Creating clarity around each person’s financial rights
Avoiding arguments in the case of divorce
Getting protection from debts that are not your own
Deeds
Often, part of the estate planning process includes making a plan for your real estate so your home avoids probate. Shafto law can discuss the real estate planning process and help guide how to best proceed based on your needs and circumstance.
Probate
The transfer of assets from the deceased to the living and assigned beneficiary(ies) of those assets is the process of probate in Maine. Probate also includes but is not limited to the process of the courts establishing the validity of the deceased’s will. Different laws will apply to the transfer of assets depending on circumstance, and Shafto Law can represent your best interests during that process.
Beneficiary designations
A designated beneficiary is a living person who you can assign as the recipient of your assets in the event of your death. One or more persons may be assigned as beneficiaries and such assignments ensure your plan is carried out as you wish in the event of your death. Shafto Law can help you make these designations and carry you through the legality of that process.
As you approach any of your estate planning needs in Maine, Shafto Law can help you navigate the often complicated decisions and legality. When you choose to work with us we’re with you for every step of the planning process. Your legal affairs will be handled with expert care and your legal matters will be resolved as favorably and efficiently as possible.
Start estate planning with Shafto Law today. You can call us directly at 207-619-4006 or communicate with us via our Contact page. We look forward to working with you.
This article is not intended to be a substitute for professional legal advice and cannot be taken as such. Nor does this article establish any type of attorney-client relationship with Shafto Law. If you’d like to consult with us for advice concerning your specific needs, please contact us to set up an appointment. We are happy to help.
“By forming a trust you’re better able to use and distribute your assets the way you intend, and to the people you choose. By selecting the right kind of trust, you may be able to ensure that you or a loved one can use your assets without risking government benefits.”
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From our law office in Portland, we serve clients throughout southern Maine and the Casco Bay area.