Estate Planning in Maine: Protect Your Legacy with VBK
Estate planning is for everybody. Here are some key terms to help you become more familiar with the process:
Last Will and Testament
Your Last Will and Testament is the document where you designate a guardian for your minor children or someone who will care for your beloved pets when you pass away. It enables you to decide who you trust to manage your estate when you pass—no matter how small the estate. It gives you a chance to leave a gift to a family member, your best friend, or a charitable organization with a mission you want to support.
Health Care Directive
A health care directive allows you to choose someone who will make important medical
decisions for you if you cannot make them for yourself.
Power of Attorney
A power of attorney allows you to choose an agent to manage your finances if you become ill and cannot do so yourself.
Proper estate planning can provide peace of mind and help your family to more efficiently and easily manage your affairs. At VBK, we help you ensure that, in your absence and according to your plans, your wishes are carried out and your loved ones are taken care of.
Our experienced estate planning attorneys, Rosalind Prince Gilman and Lisa Kay Rosenthal, have decades of combined experience, and they both understand the nuances of family dynamics and Maine’s estate planning laws. With their compassionate guidance, Rosalind and Lisa can help you create an individualized estate plan catered to your family, circumstances, and wishes.
Why is Estate Planning Important in Maine? Talking Points and Questions to Consider
Estate planning can be a hugely beneficial tool for individuals and families in Maine for several reasons:
01
Appointing Guardians
Before something happens to you and you have minor children, it is important to ask yourself, “In my absence…”
- Who do I want to raise my children?
- Where do I want my children to live?
- Who do I want or not want to see and/or engage with my children?
02
Addressing Joint Ownership of Assets
If you hold certain assets like real estate, bank accounts, or investment accounts in joint ownership with a spouse or other person, ask yourself:
- Do I want those assets to pass automatically to the co-owner upon my death?
VBK estate planning attorneys can advise you on the potential benefits and drawbacks of joint ownership as part of your estate plan.
03
Avoiding Intestacy Laws
Without a valid will or estate plan, Maine’s intestacy laws will determine how your assets are distributed after your passing.
This means that if these laws do not align with your intended wishes, your assets may be handled in a way that is not favorable to your memory or your family.
For example, if you are in a domestic partnership that is not registered with the State, your partner is not legally your “heir” and will not be entitled to your estate if you die without a valid Will.
04
Minimizing Taxes
Proper estate planning can help minimize estate taxes and other tax burdens. A thoughtful estate plan can help ensure more of your assets go to your intended beneficiaries rather than to the government.
05
Protecting Your Legacy
With a comprehensive estate plan, you can better safeguard your legacy by ensuring your assets are distributed according to your wishes, support causes you care about, and provide for future generations.
Among other questions, VBK can help you navigate the following:
- After I pass, who do I want to control my money, and for how long?
- I have children. When or at what age do I want each child to have access to the remaining money/assets?
- How can I protect against my family members fighting over my assets?
06
Avoiding Probate
Certain estate planning tools can help your assets bypass the probate process.
In many states, you need a more sophisticated estate plan to avoid probate. Maine is not one of those states.
In Maine, you can avoid probate entirely, which may or may not make sense for your circumstances. Contact VBK to learn more.
What is probate?
Probate is a legal process for recognizing your Will and distributing your assets to the beneficiaries.
During probate, you can also expect the appointment of a personal representative of your Will (also known as an “executor”).
This is the person who will administer your estate and distribute assets on your behalf to your chosen beneficiaries. Read more about probate.
What Does Estate Planning in Maine Involve?
At VBK, we work to understand the intricate nuances of your estate planning needs. We recognize there may be delicate and sensitive family dynamics that, independently and without professional help, can be difficult to address.
We take pride in collaborating with you and tailoring our estate planning services for your unique needs and goals. We can work closely to assess your specific situation and develop a comprehensive plan.
An Estate Plan May Include:
01
Your Last Will and Testament
How will your assets be distributed, and who will oversee that process after your passing? Your Last Will and Testament is a legally binding document that outlines how you want your assets distributed. This document also dictates the personal representative (“executor”), the individual who oversees the distribution process.
02
Revocable Living Trust
A revocable living trust can help your assets bypass probate, provide privacy, and potentially minimize fees and delays.
03
Power of Attorney
A power of attorney designates someone to handle your financial and legal affairs if you become incapacitated.
This document may also be drafted so that it is effective upon signing, which would give someone else the authority to manage your finances for you now, even if you are not incapacitated. Sometimes, this is helpful if you travel for work or split your time between two states so that someone else can legally access your bank accounts or sign checks on your behalf.
04
Health Care Directive
What if you become incapacitated, disabled, or determined incompetent?
A health care directive, also known as a living will or healthcare power of attorney, may be able to ensure your wishes regarding medical treatment are followed if you cannot communicate them yourself.
05
Beneficiary Designations
Reviewing and updating beneficiary designations on accounts like life insurance policies and retirement plans is crucial to ensure your assets are distributed according to your wishes.
06
Estate Tax Planning
Our attorneys can help you implement strategies to minimize estate taxes and preserve more of your wealth for your beneficiaries. Contact VBK to schedule an appointment.
Why Choose VBK for Your Estate Planning Needs?
At VBK, our estate planning attorneys, Rosalind Prince Gilman, and Lisa Kay Rosenthal , are deeply knowledgeable about Maine laws and regulations.
They can work with you to make a plan that works for you, your assets, and your family. Contact for more information.
We understand that every family’s situation is unique, which is why we take a personalized approach to each client.
When you work with VBK, you can expect:
Comprehensive Services
From simple wills to complex trusts and tax planning strategies, we offer a full range of estate planning services to meet your needs.
Experienced Guidance
Our Maine attorneys have decades of combined experience in estate planning, ensuring you receive knowledgeable guidance every step of the way.
Personalized Attention
We take the time to understand your goals, values, and family dynamics, crafting tailored solutions that truly reflect your wishes.
Ongoing Support
Estate planning is an ongoing process, and we are here to help you update your plan as your life circumstances change.
Compassionate Approach
We understand that estate planning can be an emotional process, which is why we approach every client with empathy and sensitivity.
Protect your legacy and provide for your loved ones by partnering with the experienced estate planning attorneys of VBK.
Contact us today to schedule an initial meeting and take the first step toward securing your family’s future.
Remember: The intention of this page is to provide a general overview only. Estate Planning legal requirements and procedures can change. VBK Law stays up-to-date on Maine laws and can advise you accordingly.
Disclaimer
This page is intended to provide a general overview only. Legal requirements and procedures can change. VBK stays up-to-date on Maine criminal laws and can advise you accordingly.
Contact VBK Law Firm
We welcome clients from Bangor, Maine, and throughout the greater Bangor area. For immediate assistance, you can contact our firm online or call us.
Estate Planning Related
Probate Law
Probate Law governs the legal process of administering estates and distributing assets after a person’s death.
