The below article is meant for informational purposes regarding the probate process in Maine. Rockpoint Probate Funding DOES NOT provide funding services for estates based in Maine.
Maine probate laws can help ensure a will is valid when a loved one dies and leaves an estate. Decisions from the probate court also attempt to follow your loved one’s wishes for the distribution of the estate’s assets.
However, the probate process can end up being lengthy. Even simple cases may require several months to complete. The probate court must give potential creditors adequate time to file claims against the estate.
Why Maine Probate Takes So Long
The majority of Maine probate cases take at least six months to settle. The process can easily take a year or more if any complexities or extra steps are required. Reasons for prolonging the process include:
- Executors must follow precise steps to move the estate through Maine probate. They cannot cut corners or skip steps to save time.
- Creditors receive a four-month timeline to file a claim after receiving notice of the death, as discussed in Maine Statute 18-C § 3-801.
- Executors must publish a notice of the death in a local newspaper for two consecutive weeks before the creditor timeline can begin.
- Executors must take a full inventory of the estate’s assets, including estimating the value, which can take a long time for a large estate.
- If creditors make invalid claims, disputes over payments could require more time to settle.
- If potential heirs question the validity of the will or the distribution of the assets, such disputes can delay things even further.
- If the executor must sell assets to satisfy claims from creditors or to pay taxes, these actions can lengthen the Maine probate process.
- If not enough cash is available to pay the executor compensation, as specified in Maine Statute 18-C § 3-719, the executor may need to sell more assets. This can also extend the timeline.
When waiting for the estate to pass through Maine probate simply doesn’t fit your needs for the assets you will inherit, a cash advance is one option. Rockpoint Probate Funding offers this type of cash advance, and we can walk you through the pros and cons of making it work for you.
Ways To Avoid Maine Probate Court
Avoiding probate often requires your loved one to take estate planning steps ahead of time. If your loved one passes away without any of these planning processes in place, the estate will likely end up in Maine probate.
The easiest way to avoid probate is to create a revocable living trust. Maine Statute 18-B Chapter 6 discusses the legal aspects related to revocable trusts. Your loved one sets up the living trust and places all the estate’s assets into the trust.
At the time your loved one dies, the assets in the trust move to the beneficiary. The trust can specify when the assets will go to the beneficiary. Because the decedent doesn’t have assets in their name and all assets are in the trust, going through the Maine probate court is unnecessary.
The following are other options to avoid putting an estate in probate:
- Small estate: When the value of an estate is less than $40,000, Maine Statute 18-C § 3-1201 allows the estate to skip probate through a small estate affidavit.
- Transfer on death: Assets in the estate with a transfer on death designation would go directly to the beneficiary without requiring probate. Real estate sometimes has deeds that allow this, for example.
- Beneficiary: If the asset naturally has a designated beneficiary, which is common with retirement accounts, this asset would not need to go through probate. Life insurance policies often have these same designations.
Some estates may have certain assets that can skip probate and others that cannot.
Understanding the Role of the Executor in Maine Probate
The executor plays a critical role in the probate process, serving as the individual responsible for managing the estate of the deceased. The executor’s duties include filing the will with the probate court, inventorying the assets, paying debts and taxes, and distributing the remaining assets to the heirs. This can be a complex and time-consuming process, particularly in Maine, where specific statutes dictate the responsibilities and timelines associated with estate management.
Beyond the administrative tasks, the executor must also navigate potential challenges that might arise during the probate. This includes addressing any disputes among heirs, managing creditor claims, and ensuring compliance with Maine’s probate laws. The executor may also need to obtain appraisals for the estate’s assets, which can introduce additional delays in the overall probate timeline. Properly understanding these responsibilities is crucial for anyone appointed as an executor.
What Are Maine Intestate Succession Laws?
Maine’s intestate succession laws come into play when an individual passes away without a valid will. These laws dictate how the deceased’s assets are distributed among surviving relatives, typically prioritizing spouses and children first. If there are no immediate family members, the estate may be distributed to more distant relatives, following a defined hierarchy established by the state, which highlights the importance of having a will to ensure personal wishes are honored.
Understanding these laws is vital, as they govern the fate of assets unnecessarily tangled in the probate process. For instance, a surviving spouse might receive all or most of the estate, depending on the family structure. However, if the decedent had children or siblings, the assets may be divided differently, which can sometimes lead to disputes among family members. Therefore, having a comprehensive estate plan can help avoid misunderstandings and ensure a smoother transition of assets upon death.
Common Misconceptions About Maine Probate
There are several common misconceptions surrounding the probate process in Maine that can lead to misunderstandings. One major myth is that all estates must go through probate, whereas, in reality, small estates valued below a certain amount or those with designated beneficiaries can often bypass the process entirely. This can provide relief to grieving family members, allowing them quicker access to funds and assets compared to an extensive probate proceeding.
Another misconception is that probate is excessively costly and time-consuming for everyone involved. While probate can indeed be complex, it varies significantly based on the size of the estate and the nature of the assets involved. Some estates may face less complexity and, therefore, lower costs, especially if there are clear estate planning documents in place. By dispelling these myths, families can better prepare for the probate process and make informed decisions regarding their loved one’s estate.
What If My Loved One Didn’t Have a Will?
If your loved one died without having a will or any other estate planning documents in place, the estate must go into probate.
Because no will exists, the Maine probate court does not know about the decedent’s wishes for the distribution of the estate. In this circumstance, it must follow Maine’s intestate succession laws. These laws specify which relatives of the decedent will receive the assets and in which order they qualify to receive assets.
If you have a surviving spouse and children, they will be at the top of the list to receive assets from your estate under intestate succession. However, if you have step-children or a divorced spouse, this can complicate the division of your assets. The law spells out what should happen with dozens of different family-relationship possibilities.
In Maine, the surviving spouse and children receiving assets through intestate succession may obtain part of the assets ahead of creditors. This amount could be several thousand dollars that the family can protect from creditors.
Can You Gain Early Access to Your Inheritance With a Cash Advance From Rockpoint Probate Funding in Maine?
Unfortunately, Rockpoint Probate Funding is not able to provide funding in Maine at this time. However, we are able to serve estates in several other Northeast states.
To learn more about whether a cash advance on your inheritance is a good idea for your situation, call Rockpoint Probate Funding today for free at (888) 263-8588.
