Maine has adopted single-party and multiple-party account ownership types. Either account type may have a payable on death (POD) designation and a multiple-party account may be with or without a right of survivorship between the parties. Currently, Maine’s applicable account ownership types include individual accounts or joint accounts.

Maine has also adopted a law that requires a notice printed on a signature card or account application when opening multiple-party accounts. At the time a multiple-party account is established, each party to the account must answer affirmatively or negatively in writing “Do you intend for the sum remaining upon your death to belong to the surviving party or parties? Yes or No.”

These laws will be effective July 1, 2019 and January 1, 2019, respectively.

Go to the links below to read more about the legislation.

An Act To Help Prevent Financial Elder Abuse
An Act to Recodify and Revise the Maine Probate Code