Wills in Maine
If you're concerned about the disposition of your assets after your death, you may consider drafting a will. A will allows you to outline specific wishes regarding the distribution of your estate. Each state has different laws regarding the requirements for a legal will and how they can be used. If you live in Maine, the rules for drafting a will are specified by Title 18-A §§2-501, et seq. of the state code.
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Legal Requirements
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In order to draft a will in Maine, state law requires that you be at least 18 years of age and of sound mind. The will must be typewritten and signed and dated by you in the presence of two witnesses who are of legal age and of sound mind. The witnesses must also sign and date the document. Beneficiaries of your estate are not prohibited from witnessing the will. A holographic or handwritten will is considered valid if it is written and signed by you and does not need to be witnessed. Oral wills are not considered valid in Maine.
Scope
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While the primary function of a will is to specify how you would like your assets to be distributed to your heirs, you can also use a will in Maine to do a number of other things. If you have minor children, you can name their guardians in your will. You can establish a trust for your descendants, specify any charitable donations, direct the payment of your debts and name a representative who is responsible for overseeing the disposition of your assets. The state of Maine allows you to disinherit children with a will. You cannot disinherit a surviving spouse.
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Revocation
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The state of Maine allows you to change or revoke your will at any time. A will is considered to be revoked if you draft a new will that is significantly different from the previous one or if it is physically destroyed by you or someone else at your direction with the express intent of revoking it. If your marriage is annulled or you and your spouse divorce, your former spouse's right to a share in your estate is automatically revoked.
Considerations
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If you die intestate or without a will, the state will appoint an executor to oversee the distribution of your estate. In these circumstances, your property and assets are distributed according to state law, rather than your wishes. The state first deducts any outstanding taxes, fees or penalties due prior to distribution. Having a will in place can potentially help your beneficiaries avoid paying some or all of these estate taxes. If you die intestate and the state is unable to locate any of your heirs, your entire estate then passes into the state's control.
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References
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