Who must sign the statement

The executor or personal representative signs the Statement of Value. If an agent prepares the form, include a signed authorization or power of attorney showing authority to act for the estate.

Can values be estimated

Use certified appraisals for significant items. Reasoned estimates are acceptable for low-value items but should be documented and supported when possible to reduce audit risk.

Are electronic signatures allowed

Electronic signatures are generally accepted under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted; confirm whether supporting affidavits or specific state filings require wet signatures or notarization.

What supporting documents to attach

Attach appraisals, bank or brokerage statements, deeds, titles, beneficiary designations, and debt statements. Clear supporting evidence reduces follow-up requests and processing time.

How to correct submitted information

If you discover an error after filing, prepare an amended statement and follow Maine Revenue Services procedures for corrections; retain both original and amended records with explanations.

When to consult counsel

Consult an estate attorney when valuations are contested, when the estate is complex, or if potential penalties, tax elections, or inter-state issues may affect filing or liabilities.

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Maine Estate Tax Statement of Value

Maine Estate Tax Statement of Value

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

What the Maine Estate Tax Statement of Value Is

The Maine Estate Tax Statement of Value is a formal inventory submitted to Maine Revenue Services that lists a decedent's assets, liabilities, and valuations for estate tax purposes. It supports any state estate tax return or supplemental filing and helps the state determine taxable estate value, allowable deductions, and credits. Executors, personal representatives, or their agents typically prepare the statement using appraisals, account statements, and ownership records to substantiate reported values.

Why a Complete Statement Matters for Estate Administration

A clear, accurate Statement of Value reduces the risk of assessment adjustments and supports probate administration and creditor review. Proper documentation speeds processing and helps avoid additional information requests from Maine Revenue Services.

Who Prepares and Uses This Statement

Executors, estate attorneys, and tax preparers commonly prepare the Statement of Value when administering a Maine estate.

Executor or Personal Representative preparing the estate file and coordinating valuations.
Probate or Estate Attorney handling filings, legal compliance, and court submissions.
Certified Public Accountant or tax preparer completing estate tax calculations and returns.

Third-party appraisers, real estate brokers, and financial institutions also provide supporting valuations and documentation for the statement.

Step-by-step: Completing the Statement of Value

Follow a consistent sequence: gather documents, list assets, attach valuations, confirm liabilities, sign, and file.

01

Gather Documents: Collect bank statements, deeds, titles, and appraisals.
02

List Assets: Itemize each asset with owner and description.
03

Attach Valuations: Include appraisals or broker opinions for high-value items.
04

Finalize & File: Sign, date, and submit to Maine Revenue Services.

How to set up an online completion workflow

Configure fields, authentication, and attachments before sending the form for signatures and review.

Field	Configuration
Authentication	Email + SMS code or ID verification
Field Types	Signature, date, text, numeric, file upload
Conditional Logic	Show asset sections only when applicable
Notifications	Set reminders for executor and reviewer

Typical document flow from preparation to filing

A standard flow organizes tasks so each step is auditable and repeatable for compliance and probate records.

Prepare Form: Populate fields with known data and attach evidence.
Collect Valuations: Obtain appraisals or market statements for major assets.
Review & Sign: Executor and attorney confirm accuracy and sign.
Submit: File with Maine Revenue Services and retain copies.

Technical and security considerations for eSubmission

Use a platform that supports secure uploads, signer authentication, and audit trails for legal and tax records.

File Formats: PDF, DOCX accepted
Integrations: Support for NetSuite and Google Workspace
Security: TLS in transit, AES-256 at rest

Core components every professional Statement of Value should include

A complete statement groups identifying data, asset inventories, valuations, liabilities, supporting evidence, and authorization signatures.

Decedent Information

Full legal name, SSN, date of death, residence at death, and probate case number when available.

Asset Inventory

Detailed list by category (real property, bank accounts, securities, personal property, life insurance proceeds) with ownership notes.

Valuation Method

State the source and method for each value: appraisal, broker price opinion, statement balance, or tax assessed value.

Liabilities & Deductions

List mortgages, outstanding debts, funeral expenses, and allowable deductions to reduce gross estate value.

Supporting Documents

Attach appraisals, bank statements, title documents, beneficiary designations, and statements of sale where relevant.

Signature & Date

Signature block for executor or agent with printed name, title, and signature date to authenticate the submission.

Sensitive data fields to protect

Social Security: Nine-digit identifier

Account Numbers: Bank and brokerage IDs

Appraisal Reports: Valuation documentation

Date of Death: MM/DD/YYYY

Property Descriptions: Addresses and legal descriptions

Executor Signature: Signed authorization

Risks and potential penalties for inaccurate filings

Late Filing: Penalties and interest

Understatement: Assessment adjustments possible

Intentional Misreporting: Increased penalties

Incomplete Evidence: Additional information requests

Missing SSN: Processing delays

Unresolved Liabilities: Creditor claims risk

Key timing considerations and deadlines

Estate tax filings follow statutory deadlines; timelines affect valuation dates, tax computation, and potential extensions.

Valuation Date:

Date of death typically governs value

Standard Filing Window:

Often within nine months of death

Extension Options:

States may allow extensions; file properly

Interest Accrual:

Interest may accrue on unpaid tax

Document Retention:

Keep originals for several years

Processing milestones from inventory to final assessment

Track milestones to coordinate appraisals, tax calculations, and submission to state tax authorities.

01

Document Collection

Gather title, account, and policy documents for each asset.

02

Appraisals Ordered

Commission appraisals for real property and high-value personal property.

03

Statement Preparation

Populate the Statement of Value and assemble supporting exhibits.

04

Submission & Follow-up

File with Maine Revenue Services and respond to any information requests.

eSignature provider comparison for completing and signing estate documents

Compare common plan characteristics and compliance features when selecting an eSignature platform for estate tax workflows.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies	Varies	Varies	Varies
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Practical examples of Statement of Value use

Realistic scenarios show how the Statement supports estate tax filings and probate administration.

Heirs with Real Property

A decedent owned multiple rental properties that require appraisals and mortgage payoff statements to determine net estate value.

The executor orders certified appraisals for three properties.
The completed Statement of Value includes address, appraisal summary, mortgage balance, and net equity used to calculate Maine estate tax liabilities and support distributions to beneficiaries.

Business Interest Valuation

A small closely held business requires a formal valuation to report fair market value on the estate schedule.

A certified business appraiser provides a written report.
The executor attaches the valuation and financial statements to the Statement of Value to substantiate the business interest and to support any estate tax elections or discounts.

Practical tips for accurate and efficient completion

Adopt consistent documentation practices and use digital tools to reduce errors and speed review.

Centralize supporting documents

Keep all appraisals, account statements, policy declarations, and title documents in a single digital repository indexed by asset to facilitate quick assembly of the Statement.

Use standard valuation methods

When listing values, clearly state the valuation method and attach appraisal reports or broker opinions to avoid ambiguity during valuation review.

Confirm identity and authority

Ensure executor names match probate appointment records and include a copy of Letters Testamentary or Letters of Administration with the filing to demonstrate signing authority.

Preserve an audit trail

Use a platform that timestamps uploads, signings, and reviews and retains a tamper-evident PDF and audit log for legal and tax audits.

Common questions about the Statement of Value

Answers to frequent questions can prevent common errors and clarify next steps for executors and preparers.

Need help? Contact support

Who must sign the statement
The executor or personal representative signs the Statement of Value. If an agent prepares the form, include a signed authorization or power of attorney showing authority to act for the estate.
Can values be estimated
Use certified appraisals for significant items. Reasoned estimates are acceptable for low-value items but should be documented and supported when possible to reduce audit risk.
Are electronic signatures allowed
Electronic signatures are generally accepted under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted; confirm whether supporting affidavits or specific state filings require wet signatures or notarization.
What supporting documents to attach
Attach appraisals, bank or brokerage statements, deeds, titles, beneficiary designations, and debt statements. Clear supporting evidence reduces follow-up requests and processing time.
How to correct submitted information
If you discover an error after filing, prepare an amended statement and follow Maine Revenue Services procedures for corrections; retain both original and amended records with explanations.
When to consult counsel
Consult an estate attorney when valuations are contested, when the estate is complex, or if potential penalties, tax elections, or inter-state issues may affect filing or liabilities.

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