Free Maine Last Will and Testament
What is a Last Will and Testament?
A Maine Last Will and Testament, if prepared and executed correctly by an individual who is an adult of sound mind, is a legal document that describes the way in which your belongings or estate will be handled and handed out after your death. The person who dies is formally known as the decedent. The testator could also appoint a guardian for their children in the document to make sure that there's somebody who can take care of the children until they become adults or until they get to a specific age.
|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.
Legal Requirements for Last Will in Maine
If a person is worried about one’s property after one’s death, about the heirs, and about the minor children (if present), the lawyers recommend one to create a Last Will and Testament document. This is an official paper, which has to be taken into consideration when distributing the private property of the deceased. Officially, this person is called “decedent” — this is the legit term used in the documents. This paper will become an instruction for family and friends on how to distribute assets of the deceased person in case of his/her (un)expected death.
Depending on the state, the rules of forming and legalizing the Last Will differ. In Maine, citizens, if they want to make their document legit, have to write it by hand or print it, sign it by themselves and then ask two witnesses to sign it as well. The witnesses have to be older than 18 years old, have to be sane (these are the basic requirements for signing such a document), and must not claim their legacies on the property of the testator (or testatrix).
The Last Will paper must include several obligatory points. The first one is the statement of representatives. The representatives also called “executors,” are specially chosen people who can be trusted with the management of the decedent’s resources. Representatives thus must deal with the decedent’s debts in accordance with the rules, using the assets of the latter. After this step is performed, the rest of the assets must be transferred to the inheritors in accordance with the decedent’s will. Usually, testators choose close, trustworthy people to manage their affairs after their death.
If the Last Will was not created in advance or is not legit, then the court chooses the representative (one or more) to manage the decedent’s business. Often, the choice falls on spouses or adult children, sometimes or other relatives and friends.
The second key aspect to be reflected in the Last Will and Testament document is the choice of the guardians. The guardians are people to whom the children of the decedent will move after the testator’s death. If the child is under 18 and is incapable of taking care of oneself, the guardians take this function till the child turns 18.
Another important component of the Last Will document is the list of assets that later will be transferred to the heirs. A testator has to provide a clear and precise list of his belongings and exact desires concerning the inheritance order.
Summing up, every Last Will and Testament has to include the following aspects:
When built properly and signed, the paper becomes an official document. The Last Will and Testament should be put in a safe place (like a safe deposit) to prevent inheritance-concerned frauds.
Last Will Forms for Neighboring States