Agreements among family members for the settlement of an intestate's estate will be upheld in the absence of fraud and when the rights of creditors are met. Intestate means that the decedent died without a valid will. The termination of any family controversy or the release of a reasonable, bona fide claim in an intestate estate have been held to be sufficient consideration for a family settlement.
Maine Agreement Between Heirs as to Division of Estate
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In Maine, executor fees are not explicitly stated by law. Instead, the state allows for "reasonable" compensation, which is determined on a case-by-case basis. This ambiguity can be both a benefit and a drawback, depending on the complexity of the estate and the amount of work required by the executor.
Descendants include children, grandchildren, and great-grandchildren. If you have no living parents or descendants, your spouse inherits all intestate property. If you die with parents and a spouse, your spouse will inherit the first $50,000 of the intestate property, then half the remaining balance.
No personal action or cause of action is lost by the death of either party, but the same survives for and against the personal representative of the deceased, except that actions or causes of action for the recovery of penalties and fines under criminal statutes do not survive the death of the defendant.
Unlike the laws of some states, under Maine's intestacy law, your entire probate estate does not pass automatically to your surviving spouse. The share of your probate estate that your surviving spouse will receive depends on whether you leave surviving parents or ?issue?.
In Maine, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
No. Certain kinds of property can be passed without going through probate. Property owned with a ?Right of Survivorship? automatically transfers to the joint owner at death and that person owns the property fully. Property can also pass through a Trust established during the decedent's lifetime.