An Act To Help Prevent Financial Elder Abuse

Sec. 1. 9-B MRSA §455  is enacted to read:

§ 455.  Form for joint accounts

At the time a joint account is created with a financial institution, the document creating the joint account must include for each party to the account the question, "Do you intend for the sum remaining upon your death to belong to the surviving party or parties? Yes No." The question required by this section must be answered in writing on the form by each party to the joint account prior to opening the account.

Sec. 2. 18-A MRSA §6-105,  as enacted by PL 1979, c. 540, §1, is amended to read:

§ 6-105. Effect of written notice to financial institution

The provisions of section 6-104 as to rights of survivorship are determined by the form of the account at the death of a party. At the time a joint account is created, the document creating the joint account must conform to Title 9-B, section 455. This form may be altered by written order given by a party to the financial institution to change the form of the account or to stop or vary payment under the terms of the account. The order or request must be signed by a party, received by the financial institution during the party's lifetime, and not countermanded by other written order of the same party during his the party's lifetime.

summary

This bill requires the form for opening a joint account at a financial institution to have for each party to the account the question, "Do you intend for the sum remaining upon your death to belong to the surviving party or parties? Yes No." Each party to the joint account must answer the question in writing on the form prior to opening the account.