In a Maine Final Will, the decedent usually also establishes a personal representative-or co-personal agents (more than one individuals acting together in this regard) to manage the estate. A personal agent is someone who collects all the information concerning the decedent’s financial obligations and belongings, pays any outstanding debts with the assets, and makes certain that the decedent’s property is used as described in the Will, so this is a duty with quite a bit of responsibility. The personal agent chosen is usually someone the will creator really is sure of to conclude their last will.
In cases where someone dies without a legitimate Maine Will (which in most states implies it must be properly witnessed, not only signed), someone will normally be selected by the probate court to become the personal representative and settle the decedent’s financial obligations, utilizing assets as needed to do so. Consequently, the remaining assets will be dispersed among the decedent’s heirs based on the legislation of the state the decedent lived in.
In several states, if one spouse dies leaving behind their husband or wife, that surviving spouse will get the decedent’s assets without a Will document containing the opposite. Furthermore, the decedent could have determined a specific beneficiary to acquire a life insurance policy, retirement account, or some other asset, and that beneficiary designation will dictate who is given those assets in the absence of a Last Will.
The critical thing to be aware of is the fact that any person who wishes to specify how their possessions will be used after their death should prepare and appropriately sign a Last Will and Testament to make sure that their wishes are recognized and followed. With no last will, you may be leaving it up to chance, the rules of the state, or a lawcourt as to the way your final affairs will be settled.