Maine Revocable Living Trust Agreement Sample

Step 1 of 21

What type of property do you want to put in your Living Trust?
- Real estate
- Financial accounts
- Business ownership
- Personal property
- Mix of assets

Location
Where do you live?
Different states have different rules and regulations.
Your Revocable Living Trust will be customized for .

Grantor
Are you creating this Living Trust with anyone else?
- Yes
- No
Who are you creating this trust with?
- My spouse
- Someone else

Spouse
Do you have a spouse?
- Yes
- No
What is your spouse's name?

e.g. William Timothy Smith

Your Details

What is your name?
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort

Second grantor Details

Who are you creating this trust with?
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort
State:

Spouse Details

Who is your spouse?
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort
State:

Trustee
Will you and your co-grantor control your assets as trustees?
- Yes
- No
Will you control your assets as trustee?
- Yes
- No

Trustee Details

Who will be your trustee?
Trustee
First Trustee
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort
State:
Second Trustee
- Add another trustee
Second Trustee
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort
State:

Successor Trustee

Who will manage your trust if your trustees become incapacitated?
Successor Trustee
First Successor Trustee
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort
State:
Second Successor Trustee
- Add another trustee
Second Successor Trustee
Full Name:

e.g. William Timothy Smith
City/Town:

e.g. Frankfort
State:

Beneficiary

Do you want your spouse to inherit the assets in your trust?
do you beneficiary
- Yes
- No

Division of Assets

How do you want to divide your assets between your beneficiaries?
Equally
- Equally
- Unequally

Shares

How would you like to divide your assets? The number of shares must add to 100.
First Shares :
e.g. 33,10
Second Shares :
e.g. 33,10
Third Shares :
e.g. 33,10
Fourth Shares :
e.g. 33,10
Fifth Shares :
e.g. 33,10
Sixth Shares :
e.g. 33,10
Seventh Shares :
e.g. 33,10
Eighth Shares :
e.g. 33,10
Nineth Shares :
e.g. 33,10
Tenth Shares :
e.g. 33,10
Eleventh Shares :
e.g. 33,10
Twelfth Shares :
e.g. 33,10
Total :
The total for all beneficiaries must add up to 100.

Additional Terms

Do you want your final taxes and debts to be paid out of your Living Trust?
Addition_detail
- Yes
- No
Do you want your funeral costs and other final expenses to be paid out of your Living Trust?
Addition_detail
- Yes
- No
Do you want your minor beneficiaries to be a certain age before receiving anything from your Living Trust?
Minor_detail
- Yes
- No
Age :

Pour-Over Will

Do you want to create a Pour-Over Will now? The Pour-Over Will transfers missed assets into your trust upon your death.
Pour-Over Will1
- Yes
- No
Does the second grantor want to create a Pour-Over Will now? The Pour-Over Will transfers missed assets into your trust upon your death.
Pour-Over Will2
- Yes
- No

Executor

Do you want your Successor Trustee to administer the first grantor's estate?
executor
- Yes
- No
Who do you want to administer your estate?
Executor
First Executor
Full Name

e.g. William Timothy Smith
City/Town

e.g. Frankfort
State :
Add another executor
- Add another executor
Second Executor
Full Name

e.g. William Timothy Smith
City/Town

e.g. Frankfort
State :

Executor

Do you want your Successor Trustee to administer the second grantor's estate?
executor2
- Yes
- No
Who do you want to administer your estate?
Executor
First Executor
Full Name :

e.g. William Timothy Smith
City/Town

e.g. Frankfort
State :
Add another executor
- Add another executor
Second Executor
Full Name

e.g. William Timothy Smith
City/Town

e.g. Frankfort
State :

Signing Details

When will you sign your Living Trust?
Specify date
- Unsure
- Specify date
specify date input
MM slash DD slash YYYY
Where will you sign your documents?
Post Custom Field

e.g. Montgomery
State :
How many witnesses will sign this Living Trust?
witness_change_txt
- Notary public
- One witness and a notary public
- Two witness and a notary public

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How to Create a Maine Revocable Living Trust

A living trust, also known as an inter Vivos trust, is an essential estate planning arrangement you can create while alive for a smooth transfer of your estate to your beneficiaries. Creating a living trust in Maine involves putting some, if not all, your assets in a trust and adding terms of how the assets will be distributed after you die.

It is a better alternative to a will. Why? A living trust can help your beneficiaries bypass the probate process, but with a will, your estate must go through a probate.

What is a Maine Revocable Living Trust?

A revocable living trust in Maine is a legal estate planning arrangement where you (the grantor) transfer your estate in trust and include terms of who will get what after your death. You are also required to assign or name a successor trustee who will ensure a seamless transfer of your trust assets to your heirs. Note that you can change or modify a Maine revocable living trust as per your wishes during your lifetime.

But you can also choose to create an irrevocable living trust. This living trust cannot be altered or canceled after appending your signature. What you include in the trust is final. So it would be best to be very careful when creating an irrevocable living trust.

The good thing about a revocable or irrevocable living trust in Maine is that it allows you – the grantor, to manage and enjoy the assets in the trust while alive. It also allows you to name yourself the trustee while alive, and after your death, the successor trustee takes charge.

Do You Need a Maine Revocable Living Trust?

Creating a Maine revocable living trust agreement is vital in estate planning. First, it ensures a smooth transfer of your estate to your beneficiaries according to your wishes and terms. So even after your death, you will still control how the estate will be distributed to the named beneficiaries. Secondly, a living trust maintains privacy. No outsiders will know about the terms of your living trust unless informed by the trustee or family members.

Additionally, with a notarized Maine revocable living trust, your estate will be distributed to the named beneficiaries immediately after your death. Your heirs don't have to go through the lengthy probate process that can delay the transfer of your estate. It is also worth noting that your beneficiaries can save money in court and legal fees by avoiding the probate process.

But if you have a small estate, you don’t have to worry about the lengthy probate process. Maine has fully adopted the Uniform Probate Code that streamlines the probate process. If your estate is valued at $40,000 or less, you will not need a living trust to skip the probate process. Also, if your entire estate's value is within certain allowances, your beneficiaries can take the probate shortcut to save time and money.

Can Revocable Living Trust Reduce Estate Taxes in Maine?

A revocable living trust may not help reduce estate taxes in Maine. You shouldn't worry about estate taxes if you own a small estate. But if your entire estate is valued at over $2 million, you must pay estate taxes.

Also, get ready to pay federal estate taxes to the government if your estate is valued at over $12.06 million. But you can avoid estate taxes by creating a complicated AB Trust or marital trust, leaving your trust estate to the surviving spouse.

How to Make a Revocable Living Trust in Maine?

Creating a Maine revocable living trust is accomplished when you fill out a Maine revocable living trust form and sign it before a notary public. So if you want to create a living trust, Forms.legal offers free samples of revocable living trust that you can use to create yours. You must complete the form online and download it for printing, signing, and notarizing.

Step 1 of 21

Location

Grantor

Spouse

Your Details

What is your name?

Second grantor Details

Who are you creating this trust with?

Spouse Details

Who is your spouse?

Trustee

Trustee Details

Who will be your trustee?

Trustee

First Trustee

Second Trustee

Successor Trustee

Who will manage your trust if your trustees become incapacitated?

Successor Trustee

First Successor Trustee

Second Successor Trustee

Assets

What assets do you plan to transfer into your Living Trust?

Asset

First Asset

Second Asset

Third Asset

Fourth Asset

Fifth Asset

Sixth Asset

Seventh Asset

Eighth Asset

Ninth Asset

Tenth Asset

Eleventh Asset

Twelfth Asset

Thirteenth Asset

Fourteenth Asset

Fifteenth Asset

Sixteenth Asset

Seventeenth Asset

Eighteenth Asset

Nineteenth Asset

Twentieth Asset

Gifts

Gift

Recipient

First Gift

Recipient

Second Gift

Recipient

Third Gift

Recipient

Fourth Gift

Recipient

Fifth Gift

Recipient

Sixth Gift

Recipient

Seventh Gift

Recipient

Eighth Gift

Recipient

Ninth Gift

Recipient

Tenth Gift

Recipient

Eleventh Gift

Recipient

Twelfth Gift

Recipient

Beneficiary

Do you want your spouse to inherit the assets in your trust?

Beneficiary Details

Who are your beneficiaries?

Beneficiary

First Beneficiary

Second Beneficiary

Third Beneficiary

Fourth Beneficiary