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Wills are legal documents that take effect after you die. Wills provide instructions about who should serve as your personal representative (called an executor) and who should receive your assets. Wills also can name a guardian for a minor child and make arrangements for the care of a disabled child or adult. If a person dies without a valid will, Maine law determines who inherits the estate. Trusts are estate planning tools that name a trustee to manage a person's assets during his or her lifetime, and tells the trustee how to distribute those assets when the person dies. Unlike a will, a trust can reduce or eliminate estate taxes, and the need for probate court.

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You may think you do not need a will because you own little or your assets are all held in joint accounts, joint tenancy, or beneficiary accounts. However, future assets mat be acquired through inheritance, gift, or by winning a lottery. Putting your wishes in writing through a valid will or trust helps to ensure that your desires will be known and honored after your death.

Wills and trusts are highly personalized estate planning tools. Anyone who is thinking about making a will or trust should ask a Maine Wills and trusts lawyer who is experienced in estate planning to determine the best course of action.

The following are common wills and trusts terms:

• Estate Planning
• Probate Law
• Assets
• Beneficiary
• Charitable Donations
• Estate Taxes

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Maine Audio & Video         Labor Dept. Expands Overtime Laws AUDIO, RM, 44Kbps, 4:09, 4/20/2004 The Bush administration releases new rules governing which employees have the right to receive overtime pay. While not as far-reaching as some lawmakers had desired, the central revision raises the threshold for overtime from workers earning $65,000 to those making $100,000. Source: NPR

Maine External Sites         Child Labor2 Child Labor Laws of the State of Maine provide protection for. people under the age of 18 in nonagricultural jobs. The Maine ...