Maine Inheritance Loans and Probate Advance Law
Jan 07 2019When a person passes away, their estate must be distributed to any heirs. Probate is the legal process that allows the dispersal of the estate. Every state has specific laws or statutes that regulate the process. These laws detail the deadlines and what signatures are needed and what property must go through probate.
What are Maine Probate Laws?The probate process in Maine is fairly straightforward. However, this doesn’t mean it’s easy or fast. There is formal probate as well as an informal option. A personal representative handles the distribution of the estate in accordance with the laws. An attorney is not a requirement, but it may be a good idea for the representative to work with an attorney to ensure all statutes are followed. An experienced probate attorney in Maine will be aware of any changes in the statutes which might affect your estate. They can help you file the proper paperwork and ensure you meet the deadlines. The attorney has the best interests of the heirs in mind. For instance, they will let you know the deadlines for when creditors must file a claim with the estate.
What is the Probate Process in Maine?Probate is similar in most states, but it’s important to know the details of how it works in Maine. There are several steps involved, and you may need to meet certain deadlines.
- Someone must file the original death certificate and will with the court. The person must also pay a filing fee. The fee is based on the value of the estate.
- The court will appoint the personal representative on behalf of the estate. If the will names a person, the court generally approves them if they are willing to serve. The court will give them Letters of Authority, which allows them to handle tasks to complete probate.
- The personal representative will send notice to the heirs and creditors which includes a copy of the Letters of Authority. They will also publish a notice in the newspaper.
- The estate must be inventoried, which includes itemizing everything and appraising. It does not need to be filed with the court, but the inventory must be available to anyone who asks for it.
- Creditors have up to nine months to make a claim against the estate. The personal representative must pay all debts or dispute them in court.
- A tax return must be filed within nine months of the decedent’s death and all taxes paid.
- The estate will be distributed to the heirs once the court approves such a distribution.
What Property Must Go Through Probate in Maine?Not all the property in an estate must be probated in Maine. It is possible to avoid the process completely with a revocable living trust. With a living trust, all assets of the estate are to be given to a beneficiary if the person dies or is incapable of making decisions. Additionally, certain types of property may not need to go through probate by the way they are set up. For example, bank accounts and life insurance policies usually have a clause which states who is payable upon death. Those accounts will automatically go to the person named. With real property such as the deceased’s home, if there is a co-owner, it may transfer to them. The informal probate process in Maine allows for assets to be transferred in a much shorter time. This option is only available if there are no disputes made against the will or the estate.
How Can You Avoid Probate in Maine?If you want to avoid probate in Maine, you must take action before the estate owner is deceased. A living trust must be set up, or assets must have designated beneficiaries. Probate is often quite costly with all the fees that are involved. It can also take a long time to close out an estate. Most probate cases take months, but some can last for years if there are claims or if someone has contested the will.
Can You Get Access to Maine Inheritance Funds Quickly?Even if the estate is going through probate, it is possible to gain access to the funds immediately. A probate cash advance allows you to access the money even before probate is completed. In fact, some heirs receive their money in less than a week. The application process is simple and secure, and you do not need to meet special requirements such as how you plan to spend the money. You can access your inheritance money now through ProbateAdvance. There are no disguised fees, and you won’t pay interest on the money. Another benefit is you don’t have to make monthly payments. Your credit history won’t factor into the process. Instead of waiting for years for your inheritance, you can have it in a few days.
Do You Qualify for an Inheritance Cash Advance?It doesn’t take long to find out if you qualify for a probate cash advance. The main requirement is that you are the rightful heir to an estate in probate. Just think about how handy it would be to have access to that money right now. Maybe you would like to take a family vacation or get a down payment on a new home. You can have that money in your bank account in a matter of days instead of months.
What Do You Need for a Probate Advance in Maine?You will need to gather documentation that shows you as the heir to an estate to qualify for a probate advance. Think about how much of the inheritance you want to receive as an advance and complete the paperwork.
What Parts of Maine Qualify for an Inheritance Loan?You can receive a probate advance no matter where you live in Maine. Apply for an inheritance loan if you live in any of these cities or elsewhere in the state:
- South Portland