Does a will overrule a trust?

Regardless of whether the trust is revocable or irrevocable, any assets transferred into the trust are no longer owned by the grantor. In such cases, the terms of your trust will supersede the terms of your will, because your will can only affect the assets you owned at the time of your death.

Can a living trust be probated in Maine?

Also, Maine has a simplified probate process for small estates (under $20,000). If your net worth will be under this amount when you die, the probate process will be straightforward and relatively inexpensive, so you may not need to worry about avoiding probate with a living trust.

How does probate work in the state of Maine?

Much of the time, probate will be necessary for estates in Maine. The court is required to ensure the assets of the estate are handled as directed by the will or by state law. Some assets may be exempt from probate with automatic transfer to the heirs.

Is there an estate recovery law in Maine?

Although certain assets (like the home) can be exempt while the individual who is receiving MaineCare is living, any exempt assets will likely be exposed to Medicaid estate recovery after the MaineCare recipient dies. Pursuant to estate recovery law in Maine, the definition of “estate” is very broad.

What do you need to know about inheritance in Maine?

Probate can be stressful and costly, but Maine has a simplified procedure that allows inheritors to skip probate altogether when the value of the entire estate, after liens and encumbrances are subtracted, does not exceed $20,000. All the heir needs to do is prepare a short affidavit, stating that they are entitled to a certain asset.

Can you make a living trust in Maine?

Maine uses the Uniform Probate Code, which simplifies the probate process, so making a living trust may be more trouble than it saves. Also, Maine has a simplified probate process for small estates (under $20,000).

How does probate work for real estate in Maine?

Probate is the process by which a property owner’s estate is transferred to the persons entitled to inherit it. All property which does not transfer through means of a survivorship interest, trust, or beneficiary designation is subject to probate. In Maine, the probate code is codified at Title 18-A of the Revised Statutes.

Do you have to pay estate tax in Maine?

Most people do not need to worry about estate taxes because the federal estate tax is levied only on estates worth close to $12 million. That said, if your estate is close to $12 million (or close to the threshold for Maine’s estate tax ), then you may be able to use a more complicated trust (such as an AB trust) to reduce or avoid estate taxes.