Maine Estate Planning Lawyers

Estate plans are often associated with the elderly and wealthy, but anyone with assets can benefit from a comprehensive plan. Simply put, estate planning involves putting in place strategies and documents to manage your affairs and property while you are alive and to insure efficient, orderly distribution of your property when you pass away.

An estate plan should be put in place as soon as a person has assets and should be reviewed periodically to accommodate significant events in one’s life. When you retain Moncure & Barnicle, our experienced estate planning lawyers in Maine can create an estate plan which is aligned with your goals and desired situation.

Five Reasons to Create an Estate Plan Now

1. To educate yourself as to the value of your own estate.
2. To make sure you choose the person who will manage your affairs when needed.
3. To make it easier for your family to deal with your incapacity (if you become so ill you need help to manage your affairs) and the management of your estate when you pass away.
4. To minimize the need for probate in life (guardianship/conservatorship) and in death (probating your estate).
5. To insure that as much of your estate goes to who you want it to without interference from the government, lawyers, or anyone else!

Five Reasons to Review Your Estate Plan Periodically

1. To assess the current value of your estate.
2. To adapt your estate plan for a change in family situation such as death of a spouse, remarriage, children becoming adults and disability.
3. To insure your plan keeps up with changing probate and tax laws.
4. To minimize the impact of long term home care and MaineCare recovery laws on your property.
5. To educate yourself about new tools and strategies that will save you and your estate money.

Basic Estate Planning Documents Needed in Maine

At the very minimum, every adult should have:

1. A will in which a personal representative is named to distribute your property after your death according to your wishes.
2. A durable power of attorney, which names a trusted person to manage your affairs while you are living.
3. A living will and/or a health care power of attorney, which provides guidance with end of life decisions in accordance with your instructions.

Parents should name a guardian for their minor children in their wills, and may want to include a family trust as a device to provide financial support of the children.

Make Sure Your Wishes Are Honored. Call Our Firm Today.

At Moncure & Barnicle, our Maine estate planning lawyers can help you put together an estate plan that will allow you to manage and distribute your property the way you want and give you the peace of mind that comes with having a plan in place.