Maine’s New Probate Code Goes into Effect Next Week! Are You Ready?

The Maine Legislature enacted a new Probate Code that will impact how your credit union establishes a single-party and multiple-party account when the new rules go into effect July 1, 2019.

Beginning next month, all credit unions will be required to complete a form that explicitly designates survivorship rights when opening a single-party or multiple-party account.

Synergent, your League’s service subsidiary, has created a form – at no cost to any Maine credit union – that will help you comply with the law.

Additionally, Synergent and the League’s Governmental Affairs team are available to answer any questions you have concerning the new Probate Code and its implementation.

For those credit unions on Synergent’s hosted Symitar® Episys® core processing platform, the new reporting form is available. When forms are downloaded into the system, they will be archived within Episys.

To remain compliant with the new law, you must replace other forms you have been using to open new accounts.

Downloadable Form: Single-Party or Multiple-Party Account Form