Q: Married live in Maine everything is in husbands name only. In his will it all goes to me. Problems??
We have a house two cars a truck and he has about 70,000 in credit union plus a ira.... we live in East Millinocket maine
A:
“Joint tenancy with rights of survivorship” would be at least more convenient for you as to title to the house, CU account, and cars. If that were the case, you could avoid having to open your husband's estate in Probate Court to transfer title to those assets if he were to predecease you.
If he needs assisted living or nursing home care before you do, it would be better for him to transfer assets to your name alone so that he’d be eligible for MaineCare - but he can do that when and if the time comes.
You should be named as the beneficiary on his IRA.
You should each have a Power of Attorney and an Advanced Health Care Directive.
You may want to get a quote for long-term care insurance, but the premiums are higher the older and sicker one is.
You may want to consult a Maine-licensed estate planning attorney for a more thorough analysis of your specific situation.
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