Annotate Legal Maine Living Trusts Forms For Free

To make a living trust in Maine, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

The price of making a living trust depends on the method you use to actually put it together. One way is to use an online program and create the trust document yourself. This will cost you a few hundred dollars or so. Another viable option is to go through a lawyer, for which you'll probably pay $1,000 or more.

The major disadvantages that are associated with trusts are their perceived irrevocability, the loss of control over assets that are put into trust and their costs. In fact trusts can be made revocable, but this generally has negative consequences in respect of tax, estate duty, asset protection and stamp duty.

A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldn't go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.

One big advantage of a trust document over a will in Maine, Klebe says, ?is that a trust is a private document, where a will is a public document. So, when you die, your will gets admitted to probate, and it becomes a part of the public record. And in Maine, at least, it's searchable online.?

Like a will, a Living Trust is a legal document that provides for the management and distribution of your assets after you pass away. However, a Living Trust has certain advantages when compared to a will. A Living Trust allows for the immediate transfer of assets after death without court interference.