Create a Living Trust in Maine

A Maine living trust allows you to place your assets in trust yet remain control over them while avoiding probate. A revocable living trust (also known as an inter vivos trust) may be an estate planning tool that will meet your needs.

Find out more about Living Trusts

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create a living trust in maine

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Updated on: February 6, 2024
Read time: 3 min

A Maine living trust allows you to place your assets in trust yet remain control over them while avoiding probate. A revocable living trust (also known as an inter vivos trust) may be an estate planning tool that will meet your needs.

Living trusts in Maine

A living trust in Maine is created by the settlor. As settlor, you set up the trust and place assets into it. You must name a trustee, who can be anyone, even yourself, which is how most people proceed. As the trustee, you manage the trust assets during your life for your benefit. A successor trustee is in place to manage the trust and distribute assets after your death. A revocable living trust can be changed or eliminated at any time you wish during your lifetime. An irrevocable living trust becomes unchangeable once signed.

Your living trust Maine keeps your trust assets out of probate, the court procedure in which a will is verified and its provisions followed. Although Maine has enacted the Uniform Probate Code, probate is a process which can take months and incur the costs of an executor and attorney as well as court fees. A small estate probate proceeding is available for estates worth $20,000 or less, in which case a living trust would cost more than the probate proceeding.

If you expect that you will in the future need MaineCare nursing home or residential care benefits, placing your home in a revocable living trust makes it a non-exempt asset for this purpose. This means the home which is normally not considered when determining financial eligibility, is counted as an asset, so a living trust is a detriment in this situation. Additionally when assets that are placed in your living trust are later distributed to your beneficiaries (anyone other than you or your spouse), they are subject to the 60 month MaineCare lookback period and subject to the transfer penalty tax, again making a living trust a possible problem.

Do I need a living trust in Maine?

If you do not anticipate needing MaineCare, a living trust can provide a variety of benefits. When you create a living trust in Maine you are able to maintain control over your assets during life and also after you die. While you are alive, you can use, manage, spend, and give away the trust assets any way you wish. You can move assets into and out of the trust at any time. After your death, the successor trustee will continue to manage the trust assets and distribute them according to the trust terms you have set up. You can decide that assets should be distributed on certain dates (like birthdays), or specific events. This allows you to continue to manage your family’s wealth even after you pass away. This is in contrast to a will which distributes assets once probate concludes. A living trust is harder to contest than a will, providing added security.

A living trust also provides you and your beneficiaries with privacy. Your trust will not be public record or be part of a court proceeding as is required with wills. Trust assets, trust terms, and beneficiaries remain private.

A revocable living trust protects you should you become mentally incapacitated. All of your assets are already controlled, owned, and managed by the trust and a conservatorship proceeding is likely unnecessary for you to have your financial life managed for your benefit.

Living trusts and estate taxes in Maine

A living trust does not avoid estate taxes. Maine applies estate tax to estates over $2 million, while the federal government applies it to estates over $5 million. Estate taxes can be avoided with the use of an AB or marital trust (also called a QTIP trust), which passes assets from spouse to surviving spouse.

How to create a living trust in Maine

Creating a living trust is accomplished when you create a trust document, sign it in front of a notary and then fund the trust by transferring ownership of assets to the trust. A living trust is a valuable estate planning tool that allows you to control and manage assets without court involvement.

LegalZoom can help you create a living trust online quickly and easily. When you create a Maine living trust through LegalZoom, you'll receive a pour-over will, transfer deeds, a document organizer, and more.

Find out more about Living TrustsStart Now
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This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.

53 days ago
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Grateful to Patti Green

Patti Green helped me so much to finish my order. She was very patient and pleasant with me and guided me so well with my living trust. She made it clear and explained things that I could understand to finish this. She is an asset to your company and I would recommend her with excellence

CU
55 days ago
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I had no Idea what to do to update my…

I had no Idea what to do to update my Living Trust. They answered all my questions and they also helped me get info I did not know I needed.

Bryan Q
61 days ago
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Living Trust Premium

Our Representative, Stormy was fantastic! She stayed with us through the whole process. She was very helpful and thorough.

sremeikis
69 days ago
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I spoke to the representative today about a Trust...

I spoke to the representative today regarding a question about an existing Living Trust. She was very helpful - told me exactly what I needed to know and how to accomplish it. As a representative in the Financial field I guide clients all the time on where to get documents done right - and its always LegalZoom - easy and effecient!

Gareth
71 days ago
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LegalZoom

I was impressed by the user-friendly interface and the outstanding support I received while creating a Revocable Living Trust. The ability to connect with support representatives in real time to address my questions was incredibly valuable. For those looking to establish a straightforward trust, I can highly recommend LegalZoom.

TDM
77 days ago
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Rida has been very helpful with respect…

Rida has been very helpful with respect o guiding me through the process of properly revising the Living trust for my elderly parents. His patience has been exemplary.

Frantz Michel
85 days ago
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Elizabeth Tisdale

Elizabeth Tisdale, knowledgeable,been having problems with the forms in my living trust,for the past two weeks and had to pay every time, Elizabeth was patient with me and explained every detail until it was corrected,she get my 5 stars

MARIA CORONA
85 days ago
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Taking the Initiative

Taking the initiative to do the info. research on our living Trust...set up back in 2016..Made the call an efficient, as well as a pleasant experience. Very thorough and friendly. Set up our atty consultation Thanks for great service!

Vicki Switzer
92 days ago
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Carmen was so patient with me

Carmen was so patient with me! Thank you for all your direction and guidance with my living Trust! Great job!

Tina Garcia
95 days ago
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Tammy was wonderful and very…

Tammy was wonderful and very knowledgeable. It's because of her that I am going to open a living trust with legal zoom. She was great. Thank You

Erin
103 days ago
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Pleasant Experience

Patience and weel given explanation about the process of how a "Living Trust" & "Deed" works after transitioning and guidance on how to contact an attorney whenever I need legal advice.

Sharron Martin
103 days ago
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Excellent LegalZoom Attorney

The LegalZoom attorney was extremely helpful in the "walk thru" assistance as I prepared the Living Trust document. The service was excellent.

customer
112 days ago
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Happy with my initial contact with Legal Zoom

Rebecca fully answered my questions about creating a living trust. She is friendly and professional, and with my mind at ease, I am looking forward to starting this process with Legal Zoom. I am confident that this will be the best route for me to take to make things a lot easier for my family when I'm gone. (And, easy for me!) I plan to be in touch in the next several weeks. Thanks, Rebecca!

Carol
130 days ago
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Michelle very professionally guided me…

Michelle very professionally guided me with her knowledge and amazing patience through the entire process of setting up my Living Trust. I am so relieved and grateful for her help. I have used LegalZoom before and you are my go to for legal advice. Thank you again Michelle.

Paula Bateman
138 days ago
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Quality Staff

I needed to revise my entire living trust and had put it off for years. Your staff member Eden walked me through the process with such patience and concern. Had I known it would be so easy, I would have never put it off this long. A testament to you quality staff.

Ady Filipescu
147 days ago
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Really great job in guiding me to…

Really great job in guiding me to finish my living trust .

Ronnie Ball
153 days ago
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5 Stars

5 Stars – Outstanding Customer Service from Tammy at LegalZoom I had the pleasure of working with Tammy from LegalZoom regarding my living trust documents, and I couldn't be more impressed. She was professional, patient, and incredibly knowledgeable. Tammy took the time to walk me through every step, answered all my questions clearly, and made a complex process feel simple and stress-free. Her attention to detail and genuine care made all the difference. LegalZoom is lucky to have someone like her on their team. Thank you, Tammy!

Cn
153 days ago
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Ease and help of making changes to my…

Ease and help of making changes to my living trust. LegalZoom rep walked me through the process without any difficulties. Really like working with LegalZoom.

Gregory Bechtol
160 days ago
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Enjoyed working with Kevin to finalize…

Enjoyed working with Kevin to finalize our Living Trust language. His knowledge on this product certainly increases our confidence in the viability of the final document.

JOHN in CALIFORNIA
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