Wills, Trusts And Estates
A basic document necessary for the family in current American life is a series of instruments which do several things in specific situations.
First, a will allows for the disposition of worldly assets and also orders the circumstances for a family which is confronted with an untimely passing. A will in those circumstances can nominate a guardian for minor children and create trusts which are critical for shoring a child’s education and care and maintenance if a child or a surviving spouse should become disabled. The firm usually encourages anyone creating a will to also establish appropriate powers of attorney for financial matters and medical decision-making in circumstances where it is not possible for the patient to communicate or make decisions.
Later in life, will and trust provisions can be used to manage tax liabilities, assure access to medical care, prevent the depletion of assets and provide legacies for family, friends and favorite charitable institutions.
Although described as much to be feared by how-to booksellers and online websites, the probate process in Maine is relatively simple and inexpensive. Especially when guided by clearly stated intentions in a will and any associated trust documents, the probate estate process can efficiently attend to the numerous details of asset transfers, payment of final bills, closing of tax obligations and filing of final returns and a number of similar probate estate related needs.