HP0682, LD 969, item 1, An Act Regarding Nonprobate Transfers on Death

An Act Regarding Nonprobate Transfers on Death

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 18-A MRSA §6-201, sub-§(a), as enacted by PL 1979, c. 540, §1, is amended to read:

(a). Any of the following provisions in an insurance policy, contract of employment, bond, mortgage, promissory note, deposit agreement, pension plan, trust agreement, conveyance or any other written instrument effective as a contract, gift, conveyance, or trust or that evidence ownership of property is deemed to be nontestamentary, and this Code does not invalidate the instrument or any provision:

(1). That money or other benefits theretofore due to, controlled or owned by a decedent shall be are to be paid after his the decedent's death to a person designated by the decedent in either the instrument or a separate writing, including a will, executed at the same time as the instrument or subsequently;

(2). That any money due or to become due under the instrument shall cease ceases to be payable in event of the death of the promisee or the promisor before payment or demand; or

(3). That any property which that is the subject of the instrument shall pass passes on the decedent's death to a person or persons designated by the decedent in either the instrument or a separate writing, including a will, executed at the same time as the instrument or subsequently.

Sec. 2. 18-A MRSA Art. 6, Pts. 4 and 5 are enacted to read:

PART 4

UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT

§ 6-401. Short title

This Part may be known and cited as "the Uniform Real Property Transfer on Death Act."

§ 6-402. Definitions

As used in this Part, unless the context otherwise indicates, the following terms have the following meanings.

1. Beneficiary. "Beneficiary" means a person that receives property under a transfer on death deed.

2. Designated beneficiary. "Designated beneficiary" means a person designated to receive property in a transfer on death deed.

3. Joint owner. "Joint owner" means an individual who owns property concurrently with one or more other individuals with a right of survivorship. "Joint owner" includes a joint tenant and tenant by the entirety. "Joint owner" does not include a tenant in common or owner of community property without a right of survivorship.

4. Person. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity.

5. Property. "Property" means an interest in real property located in this State that is transferable on the death of the owner.

6. Transfer on death deed. "Transfer on death deed" means a deed authorized under this Part.

7. Transferor. "Transferor" means an individual who makes a transfer on death deed.

§ 6-403. Applicability

This Part applies to a transfer on death deed made before, on or after January 1, 2018 by a transferor dying on or after January 1, 2018.

§ 6-404. Nonexclusivity

This Part does not affect any method of transferring property otherwise permitted under the law of this State.

§ 6-405. Transfer on death deed authorized

An individual may transfer property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.

§ 6-406. Transfer on death deed revocable

A transfer on death deed is revocable even if the deed or another instrument contains a contrary provision.

§ 6-407. Transfer on death deed nontestamentary

A transfer on death deed is nontestamentary.

§ 6-408. Capacity of transferor

The capacity required to make or revoke a transfer on death deed is the same as the capacity required to make a will.

§ 6-409. Requirements

A transfer on death deed:

1. Essential elements and formalities. Except as otherwise provided in subsection 2, must contain the essential elements and formalities of a properly recordable inter vivos deed;

2. Death of transferor. Must state that the transfer to the designated beneficiary is to occur at the transferor's death; and

3. Recorded before transferor's death. Must be recorded before the transferor's death in the public records in the registry of deeds in the county where the property is located.

§ 6-410. Notice, delivery, acceptance, consideration not required

A transfer on death deed is effective without:

1. Notice, delivery or acceptance. Notice or delivery to or acceptance by the designated beneficiary during the transferor's life; or

2. Consideration. Consideration.

§ 6-411. Revocation by instrument authorized; revocation by act not permitted

1. Revocation by instrument. Subject to subsection 2, an instrument is effective to revoke a recorded transfer on death deed, or any part of it, only if the instrument:

A. Is one of the following:

(1) A transfer on death deed that revokes the deed or part of the deed expressly or by inconsistency;

(2) An instrument of revocation that expressly revokes the deed or part of the deed; or

(3) An inter vivos deed that expressly revokes the transfer on death deed or part of the deed; and

B. Is acknowledged by the transferor after the acknowledgment of the deed being revoked and recorded before the transferor's death in the registry of deeds in the county where the deed is recorded.

2. More than one transferor. If a transfer on death deed is made by more than one transferor:

A. Revocation by a transferor does not affect the deed as to the interest of another transferor; and

B. A deed of joint owners is revoked only if it is revoked by all of the living joint owners.

3. Revocation after recorded. After a transfer on death deed is recorded, it may not be revoked by a revocatory act on the deed.

4. Inter vivos transfer. This section does not limit the effect of an inter vivos transfer of the property.

§ 6-412. Effect of transfer on death deed during transferor's life

During a transferor's life, a transfer on death deed does not:

1. Affect interest or right of transferor or other owner. Affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;

2. Affect interest or right of transferee. Affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed;

3. Affect interest or right of creditor. Affect an interest or right of a secured or unsecured creditor or future creditor of the transferor, even if the creditor has actual or constructive notice of the deed;

4. Affect eligibility or public assistance. Affect the transferor's or designated beneficiary's eligibility for any form of public assistance;

5. Create legal or equitable interest. Create a legal or equitable interest in favor of the designated beneficiary; or

6. Subject the property to claims or process. Subject the property to claims or process of a creditor of the designated beneficiary.

§ 6-413. Effect of transfer on death deed at transferor's death

1. Upon death of transferor. Except as otherwise provided in the transfer on death deed, in this section or in section 2-508, 2-605, 2-803 or 2-805 or in Article 2, Part 2, on the death of the transferor, the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death.

A. Subject to paragraph B, the interest in the property is transferred to the designated beneficiary in accordance with the deed.

B. The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor lapses.

C. Subject to paragraph D, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship.

D. If the transferor has identified 2 or more designated beneficiaries to receive concurrent interests in the property, the share of one that lapses or fails for any reason is transferred to the other or to the others in proportion to the interest of each in the remaining part of the property held concurrently.

2. Subject to all interests. Subject to Title 33, section 201, a beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens and other interests to which the property is subject at the transferor's death. For purposes of this subsection and Title 33, section 201, the recording of the transfer on death deed is deemed to have occurred at the transferor's death.

3. Joint owner. If a transferor is a joint owner and is:

A. Survived by one or more other joint owners, the property that is the subject of a transfer on death deed belongs to the surviving joint owner or owners with right of survivorship; or

B. The last surviving joint owner, the transfer on death deed is effective.

4. No covenant or warranty of title. A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.

§ 6-414. Disclaimer

A beneficiary may disclaim all or part of the beneficiary's interest as provided by section 2-801.

§ 6-415. Liability for creditor claims and statutory allowances

A beneficiary of a transfer on death deed is liable for an allowed claim against the transferor's probate estate and statutory allowances to a surviving spouse and children to the extent provided in section 6-107.

§ 6-416. Optional form of transfer on death deed

The following form may be used to create a transfer on death deed. The other sections of this Part govern the effect of this or any other instrument used to create a transfer on death deed.

(front of form)

REVOCABLE TRANSFER ON DEATH DEED

NOTICE TO OWNER

You should carefully read all information on the other side of this form. YOU MAY WANT TO CONSULT A LAWYER BEFORE USING THIS FORM.

This form must be recorded before your death, or it will not be effective.

IDENTIFYING INFORMATION

Owner or Owners Making This Deed:

............................................................

............................................................................................

Printed name..........................................Mailing address

............................................................................................

Printed name..........................................Mailing address

Legal description of the property:

........................................................................................................................

PRIMARY BENEFICIARY

I designate the following beneficiary if the beneficiary survives me.

............................................................

............................................................................................

Printed name..........................................Mailing address, if available

ALTERNATE BENEFICIARY - Optional

If my primary beneficiary does not survive me, I designate the following alternate beneficiary if that beneficiary survives me.

............................................................

............................................................................................

Printed name..........................................Mailing address, if available

TRANSFER ON DEATH

At my death, I transfer my interest in the described property to the beneficiaries as designated above.

Before my death, I have the right to revoke this deed.

SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED

............................................................

(SEAL, if any).....................................

Signature.................................................Date...............

............................................................

(SEAL, if any).....................................

Signature.................................................Date...............

ACKNOWLEDGMENT

(insert acknowledgment for deed here)

(back of form)

COMMON QUESTIONS ABOUT THE USE OF THIS FORM

What does the Transfer on Death (TOD) deed do? When you die, this deed transfers the described property, subject to any liens or mortgages (or other encumbrances) on the property at your death. Probate is not required. The TOD deed has no effect until you die. You can revoke it at any time. You are also free to transfer the property to someone else during your lifetime. If you do not own any interest in the property when you die, this deed will have no effect.

How do I make a TOD deed? Complete this form. Have it acknowledged before a notary public or other individual authorized by law to take acknowledgments. Record the form in each county where any part of the property is located. The form has no effect unless it is acknowledged and recorded before your death.

Is the "legal description" of the property necessary? Yes.

How do I find the "legal description" of the property? This information may be on the deed you received when you became an owner of the property. This information may also be available in the registry of deeds for the county where the property is located. If you are not absolutely sure, consult a lawyer.

Can I change my mind before I record the TOD deed? Yes. If you have not yet recorded the deed and want to change your mind, simply tear up or otherwise destroy the deed.

How do I "record" the TOD deed? Take the completed and acknowledged form to the registry of deeds of the county where the property is located. Follow the instructions given by the register of deeds to make the form part of the official property records. If the property is in more than one county, you should record the deed in each county.

Can I later revoke the TOD deed if I change my mind? Yes. You can revoke the TOD deed. No one, including the beneficiaries, can prevent you from revoking the deed.

How do I revoke the TOD deed after it is recorded? There are three ways to revoke a recorded TOD deed: (1) Complete and acknowledge a revocation form, and record it in each county where the property is located. (2) Complete and acknowledge a new TOD deed that disposes of the same property, and record it in each county where the property is located. (3) Transfer the property to someone else during your lifetime by a recorded deed that expressly revokes the TOD deed. You may not revoke the TOD deed by will.

I am being pressured to complete this form. What should I do? Do not complete this form under pressure. Seek help from a trusted family member, friend, or lawyer.

Do I need to tell the beneficiaries about the TOD deed? No, but it is recommended. Secrecy can cause later complications and might make it easier for others to commit fraud.

I have other questions about this form. What should I do? This form is designed to fit some but not all situations. If you have other questions, you are encouraged to consult a lawyer.

§ 6-417. Optional form of revocation

The following form may be used to create an instrument of revocation under this Part. The other sections of this Part govern the effect of this or any other instrument used to revoke a transfer on death deed.

(front of form)

REVOCATION OF TRANSFER ON DEATH DEED

NOTICE TO OWNER

This revocation must be recorded before you die or it will not be effective. This revocation is effective only as to the interests in the property of owners who sign this revocation.

IDENTIFYING INFORMATION

Owner or Owners of Property Making This Revocation:

............................................................

............................................................................................

Printed name..........................................Mailing address

............................................................................................

Printed name..........................................Mailing address

Legal description of the property:

........................................................................................................................

REVOCATION

I revoke all my previous transfers of this property by transfer on death deed.

SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION

............................................................

(SEAL, if any).....................................

Signature.................................................Date...............

............................................................

(SEAL, if any).....................................

Signature.................................................Date...............

ACKNOWLEDGMENT

(insert acknowledgment)

(back of form)

COMMON QUESTIONS ABOUT THE USE OF THIS FORM

How do I use this form to revoke a Transfer on Death (TOD) deed? Complete this form. Have it acknowledged before a notary public or other individual authorized to take acknowledgments. Record the form in the public records in the registry of deeds of each county where the property is located. The form must be acknowledged and recorded before your death or it has no effect.

How do I find the "legal description" of the property? This information may be on the TOD deed. It may also be available in the registry of deeds for the county where the property is located. If you are not absolutely sure, consult a lawyer.

How do I "record" the form? Take the completed and acknowledged form to the registry of deeds of the county where the property is located. Follow the instructions given by the register of deeds to make the form part of the official property records. If the property is located in more than one county, you should record the form in each of those counties.

I am being pressured to complete this form. What should I do? Do not complete this form under pressure. Seek help from a trusted family member, friend, or lawyer.

I have other questions about this form. What should I do? This form is designed to fit some but not all situations. If you have other questions, consult a lawyer.

§ 6-418. Uniformity of application and construction

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.

§ 6-419. Relation to Electronic Signatures in Global and National Commerce Act

This Part modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001, et seq., but does not modify, limit or supersede Section 101(c) of that Act, 15 United States Code, Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that Act, 15 United States Code, Section 7003(b).

§ 6-420. Effective date

This Part takes effect January 1, 2018.

PART 5

TANGIBLE PERSONAL PROPERTY

§ 6-501. Definitions

As used in this Part, unless the context otherwise indicates, the following terms have the following meanings.

1. Beneficiary. "Beneficiary" means a person or persons designated or entitled to receive property pursuant to a nonprobate transfer on surviving one or more persons.

2. Beneficiary designation. "Beneficiary designation" means a provision in writing that is not a will that designates the beneficiary of a nonprobate transfer, including the transferee in an instrument that makes the transfer effective on the death of the owner, and that complies with the conditions of any governing instrument, the rules of any transferring entity and applicable law.

3. Death of the owner. "Death of the owner" in the case of joint owners means death of the last surviving owner.

4. In proper form. "In proper form" means a phrase that applies to a beneficiary designation or a revocation or change of a beneficiary designation or a request to make, revoke or change a beneficiary designation and that complies with the terms of the governing instrument, the rules of the transferring entity and applicable law, including any requirements with respect to supplemental documents.

5. Joint owners. "Joint owners" means persons who hold property as joint tenants with right of survivorship and spouses who hold property as tenants by the entirety.

6. Nonprobate transfer. "Nonprobate transfer" means a transfer of property taking effect upon the death of the owner, pursuant to a beneficiary designation. A nonprobate transfer under this Part does not include survivorship rights in property held as joint tenants or tenants by the entirety, a transfer to a remainderman on termination of a life tenancy, a transfer under a trust established by an individual, either inter vivos or testamentary, a transfer pursuant to the exercise or nonexercise of a power of appointment or a transfer made on the death of a person who did not have the right to designate that person's estate as the beneficiary of the transfer.

7. Owner. "Owner" means a person or persons having a right, exercisable alone or with others, regardless of the terminology used to refer to the owner in any written beneficiary designation, to designate the beneficiary of a nonprobate transfer. "Owner" also means joint owners.

8. Person. "Person" means a living individual, an entity capable of owning property and a fiduciary.

9. Proof of death. "Proof of death" means a death certificate or a record or report that is prima facie proof or evidence of death under section 1-107.

10. Property. "Property" means any present or future interest in personal property, tangible or intangible, legal or equitable. "Property" also means a right to direct or receive payment of a debt, money or other benefits due under a contract, account agreement, deposit agreement, employment contract, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust or law, a right to receive performance remaining due under a contract, a right to receive payment under a promissory note or a debt maintained in a written account record, a right under an instrument evidencing ownership of property issued by a governmental agency and a right under a document of title within the meaning of Title 11, section 1-1201, subsection (16). "Property" does not include accounts covered by Part 1 or rights under a certificated or uncertificated security that is covered by Part 3.

11. Registration in beneficiary form. "Registration in beneficiary form" means the titling of an account record, certificate or other written instrument evidencing ownership of property in the name of the owner followed by a transfer on death direction and the designation of a beneficiary.

12. Transfer on death direction. "Transfer on death direction" means the phrase "transfer on death to" or the phrase "pay on death to" or the abbreviation "TOD" or "POD" after the name of the owners and before the designation of the beneficiary.

13. Transferring entity. "Transferring entity" means a person who owes a debt or is obligated to pay money or benefits, render contract performance, deliver or convey property or change the record of ownership of property on the books, records and accounts of an enterprise or on a certificate or document of title that evidences property rights. "Transferring entity" also means any governmental agency, business entity or transfer agent that issues certificates of ownership or title to property and a person acting as a custodial agent for an owner's property.

§ 6-502. Nonprobate transfers not subject to requirements of a will; effect with or without consideration

Nonprobate transfers are effective with or without consideration and are not considered testamentary or subject to Article 2, Part 5.

§ 6-503. Transferring entity acting as agent for owner subject to nontransfer law, duties

For the purpose of discharging its duties under this Article, the authority of a transferring entity acting as agent for an owner of property subject to a nonprobate transfer does not cease at the death of the owner. The transferring entity shall transfer the property to the designated beneficiary in accordance with the governing instrument, the rules of the transferring entity and this Part.

§ 6-504. Nonprobate transfers subject to agreement of transferring entity

1. Subject to agreement of owner and transferring entity. When any of the following is required, provision for a nonprobate transfer is a matter of agreement between the owner and the transferring entity, under such rules, terms and conditions as the owner and transferring entity may agree:

A. Submission to the transferring entity of a beneficiary designation under a governing instrument;

B. Registration by a transferring entity of a transfer on death direction on any certificate or record evidencing ownership of property;

C. The consent of a contract obligor for a transfer of performance due under the contract;

D. The consent of a financial institution for a transfer of an obligation of the financial institution; or

E. The consent of a transferring entity for a transfer of an interest in the transferring entity.

2. No obligation to accept. When subsection 1 is applicable, this Part does not impose an obligation on a transferring entity to accept an owner's request to make provision for a nonprobate transfer of property.

3. Effective date of acceptance. When a beneficiary designation, revocation or change is subject to acceptance by a transferring entity, the transferring entity's acceptance of the beneficiary designation, revocation or change relates back to and is effective as of the time when the request was received by the transferring entity.

§ 6-505. Transferring entity, obligation resulting from acceptance and registration

When a transferring entity accepts a beneficiary designation or beneficiary assignment, or registers property in beneficiary form, the acceptance or registration constitutes the agreement of the owner and transferring entity that, unless the beneficiary designation is revoked or changed prior to the owner's death, on proof of the death of the owner and compliance with the transferring entity's requirements for showing proof of entitlement, the property will be transferred to and placed in the name and control of the beneficiary in accordance with the beneficiary designation or transfer on death direction, the agreement of the parties and this Part.

§ 6-506. Beneficiary designation under written instrument or law, effect

A beneficiary designation, under a written instrument or law, that authorizes a transfer of property pursuant to a written designation of beneficiary transfers the right to receive the property to the designated beneficiary who survives, effective on the death of the owner, if the beneficiary designation is executed and delivered in proper form to the transferring entity prior to the death of the owner.

§ 6-507. Assignments effective on death of owner; delivery

1. Assignment of right to receive performance due. A written assignment of a contract right that assigns the right to receive any performance remaining due under the contract to an assignee designated by the owner that expressly states that the assignment is not to take effect until the death of the owner transfers the right to receive performance due under the contract to the designated assignee beneficiary, effective on the death of the owner, if the assignment is executed and delivered in proper form to the contract obligor prior to the death of the owner or is executed in proper form and acknowledged before a notary public or other person authorized to administer oaths. A beneficiary assignment need not be supported by consideration or be delivered to the assignee beneficiary.

2. Other methods of assignment not precluded. This section does not preclude other methods of assignment that are permitted by law and that have the effect of postponing enjoyment of a contract right until the death of the owner.

§ 6-508. Procedure to transfer tangible personal property to take effect on death of owner

1. Transfer of interest in tangible personal property. A deed of gift, bill of sale or other writing intended to transfer an interest in tangible personal property that expressly states that the transfer is not to take effect until the death of the owner transfers ownership to the designated transferee beneficiary, effective on the death of the owner, if the instrument is in other respects sufficient to transfer the type of property involved and is executed by the owner and acknowledged before a notary public or other person authorized to administer oaths. A beneficiary transfer instrument need not be supported by consideration or be delivered to any transferee beneficiary.

2. Other methods of transfer not precluded. This section does not preclude other methods of transferring ownership of tangible personal property that are permitted by law and that have the effect of postponing enjoyment of property until the death of the owner.

§ 6-509. Transferor may directly transfer property to a transferee to hold as owner in beneficiary form

1. Direct transfer to transferee to hold in beneficiary form. A transferor of property, with or without consideration, may directly transfer the property to a transferee to hold as owner in beneficiary form.

2. Transferee is owner, has all rights. A transferee of property under subsection 1 is the owner of the property for all purposes and has all the rights to the property otherwise provided by law to owners, including the right to revoke or change the beneficiary designation.

3. Direct transfer effective. A direct transfer of property to a transferee to hold as owner in beneficiary form is effective when the writing perfecting the transfer becomes effective to make the transferee the owner.

§ 6-510. Registration of property, including accounts in beneficiary form

1. Direction to transfer in the name. Property may be held or registered in beneficiary form by including in the name in which the property is held or registered a direction to transfer the property on the death of the owner to a beneficiary designated by the owner.

2. Words or abbreviation. Property is registered in beneficiary form by showing on the account record or instrument evidencing ownership of the property the name of the owner and the estate by which 2 or more joint owners hold the property followed in substance by the words "transfer on death to .............. (name of beneficiary)." In lieu of the words "transfer on death to" the words "pay on death to" or the abbreviation "TOD" or "POD" may be used.

3. Direction by transferring entity. A transfer on death direction may be placed on an account record or instrument evidencing ownership of property only by the transferring entity or a person authorized by the transferring entity.

4. Registered or request prior to owner's death. A transfer on death direction transfers the owner's interest in the property to the designated beneficiary, effective on the owner's death, if the property is registered in beneficiary form prior to the death of the owner or if the request to make the transfer on death direction is delivered in proper form to the transferring entity prior to the owner's death.

5. Conclusive evidence; retention of original writing. An account record or instrument evidencing ownership of property that contains a transfer on death direction written as part of the name in which the property is held or registered is conclusive evidence, in the absence of fraud, duress, undue influence or evidence of clerical mistake by the transferring entity, that the direction was regularly made by the owner and accepted by the transferring entity and was not revoked or changed prior to the death giving rise to the transfer. The transferring entity has no obligation to retain the original writing, if any, by which the owner caused the property to be registered in beneficiary form more than 6 months after the transferring entity has mailed or delivered to the owner, at the address shown on the registration, an account statement, certificate or instrument that shows the manner in which the property is held or registered in beneficiary form.

§ 6-511. Effect of beneficiary designation on ownership of property during lifetime and at death

1. No rights prior to death of owner. Prior to the death of the owner, a beneficiary has no rights in the property by reason of the beneficiary designation, and the signature or agreement of the beneficiary is not required for any transaction respecting the property.

2. Ownership upon death of joint owner. On the death of one of 2 or more joint owners, property with respect to which a beneficiary designation has been made belongs to the surviving joint owner or owners, and the right of survivorship continues as between 2 or more surviving joint owners.

3. Operation of law. On the death of the owner, property passes by operation of law to the beneficiary.

4. Two or more surviving beneficiaries. If 2 or more beneficiaries survive, there is no right of survivorship among the beneficiaries in the event of the death of a beneficiary thereafter unless the beneficiary designation expressly provides for survivorship among them, and, unless so expressly provided, surviving beneficiaries hold their separate interests in the property as tenants in common. The share of any subsequently deceased beneficiary belongs to that beneficiary's estate.

5. No beneficiary. If no beneficiary survives the owner, the property belongs to the estate of the owner.

§ 6-512. Revocation or change of beneficiary designation

1. Revocation or change during lifetime of owner; joint owners. A beneficiary designation may be revoked or changed in whole or in part during the lifetime of the owner. A revocation or change of a beneficiary designation involving property of joint owners may be made only with the agreement of all owners then living.

2. Subsequent designation. A subsequent beneficiary designation revokes a prior beneficiary designation unless the subsequent beneficiary designation expressly provides otherwise.

3. Revocation or change in compliance. A revocation or change in a beneficiary designation must comply with the terms of the governing instrument, the rules of the transferring entity and the applicable law.

4. Revocation or change by will. A beneficiary designation may not be revoked or changed by the provisions of a will unless the beneficiary designation expressly grants the owner the right to revoke or change a beneficiary designation by will.

5. Transfer during owner's lifetime. A transfer during the owner's lifetime of the owner's interest in property, with or without consideration, terminates the beneficiary designation with respect to the property transferred.

6. Effective date. The effective date of a revocation or change in a beneficiary designation must be determined in the same manner as the effective date of a beneficiary designation.

§ 6-513. Limitation on agent to make, revoke or change beneficiary; authorized withdrawals may extinguish beneficiary's right to transfer

1. Designate, revoke or change. An attorney in fact, custodian, conservator or other agent may not make, revoke or change a beneficiary designation unless the document establishing the agent's right to act, or a court order, expressly authorizes such action and such action complies with the terms of the governing instrument, the rules of the transferring entity and applicable law.

2. Present transfer. This section does not prohibit the authorized withdrawal, sale, pledge or other present transfer of the property by an attorney in fact, custodian, conservator or other agent notwithstanding the fact that the effect of the transaction may be to extinguish a beneficiary's right to receive a transfer of the property at the death of the owner.

§ 6-514. Property designated for a beneficiary if lost, destroyed, damaged or involuntarily converted during owner's lifetime

In the event property subject to a beneficiary designation is lost, destroyed, damaged or involuntarily converted during the owner's lifetime, the beneficiary succeeds to any right with respect to the loss, destruction, damage or involuntary conversion that the owner would have had if the owner had survived but has no interest in any payment or substitute property received by the owner during the owner's lifetime.

§ 6-515. Effect of collateral conveyances or liens on property subject to nonprobate transfer

1. Owner's interest. A beneficiary of a nonprobate transfer takes the owner's interest in the property at the owner's death subject to all conveyances, assignments, contracts, setoffs, licenses, easements, liens and security interests made by the owner or to which the owner was subject during the owner's lifetime.

2. Requests for payments. A beneficiary of a nonprobate transfer of an account with a bank, savings and loan association, credit union, broker or mutual fund takes the owner's interest in the property at death subject to all requests for payment of money issued by the owner prior to the owner's death, whether paid by the transferring entity before or after death or unpaid. The beneficiary is liable to the payee of an unsatisfied request for payment, to the extent that it represents an obligation that was enforceable against the owner during the owner's lifetime. To the extent that a claim properly paid by the personal representative of the owner's estate includes the amount of an unsatisfied request for payment to the claimant, the personal representative is subrogated to the rights of the claimant as payee. Each beneficiary's liability with respect to an unsatisfied request for payment is limited to the same proportionate share of the request for payment as the beneficiary's proportionate share of the account under the beneficiary designation. Beneficiaries have the right of contribution among themselves with respect to requests for payment that are satisfied after the owner's death, to the extent the requests for payment would have been enforceable by the payees. In no event may a beneficiary's liability to payees, the owner's estate and other beneficiaries under this section and section 6-530 with respect to all requests for payment exceed the value of the account received by the beneficiary. If a request for payment that would not have been enforceable under this section is satisfied from a beneficiary's share of the account, the beneficiary is not liable to any other payee or the owner's estate under this section or section 6-530 for the amount so paid, and the beneficiary has no right of contribution against other beneficiaries with respect to that amount.

§ 6-516. Survival required

1. Survival by 120 hours. An individual who is a beneficiary of a nonprobate transfer is not entitled to a transfer unless the individual survives the owner by 120 hours.

2. Different period of survival. If an owner provides and the transferring entity accepts, or if a governing instrument or applicable law provides, a period of survival different than 120 hours, the period designated determines the survival requirement of beneficiaries under this section. An owner and transferring entity may agree that certain circumstances raise a different presumption of survival or nonsurvival.

3. Joint owners. This section does not apply to survivorship rights of joint owners.

§ 6-517. Beneficiary designation designating trustee under trust that is amendable or revocable; trust that is revoked, terminated or does not exist at death of owner

1. Amendable or revocable trust. A beneficiary designation designating a trustee under a trust established or to be established by the owner or some other person, including a funded or unfunded trust, is not invalid because the trust is amendable or revocable or both or because the trust was amended after the designation.

2. Revoked or terminated trust. Unless a beneficiary designation provides otherwise, a trust that was revoked or terminated before the death of the owner is deemed not to have survived the owner.

3. Deemed not to have survived owner. Unless a beneficiary designation provides otherwise, a legal entity or trust that does not exist or come into existence at the time of the owner's death is deemed not to have survived the owner.

§ 6-518. Disclaimer

If a beneficiary of a nonprobate transfer disclaims in whole or in part the nonprobate transfer in the manner provided by law, then, with respect to the disclaimed transfer, the disclaimant is treated as having predeceased the owner unless the beneficiary designation provides otherwise; but the possibility that a beneficiary or descendant may disclaim a transfer does not require any transferring entity to withhold making the transfer in the normal course of business.

§ 6-519. Marriage dissolution or annulment; revocation of transfer to former spouse or relative of spouse; remarriage to spouse, nullification of annulment

1. Revocation of beneficiary designation by dissolution or annulment of marriage. If, after an owner makes a beneficiary designation, the owner's marriage is dissolved or annulled, any provision of the beneficiary designation in favor of the owner's former spouse or a relative of the owner's former spouse is revoked on the date the marriage is dissolved or annulled, whether or not the beneficiary designation refers to marital status. The beneficiary designation must be given effect as if the former spouse or relative of the former spouse had disclaimed the revoked provision.

2. Irrevocable beneficiary designation. Subsection 1 does not apply to a provision of a beneficiary designation that has been made irrevocable, or revocable only with the spouse's consent, that is made after the marriage was dissolved or that expressly states that marriage dissolution does not affect the designation of a spouse or relative of a spouse as beneficiary.

3. Revival by remarriage or nullification. Any provision of a beneficiary designation revoked solely by this section is revived by the owner's remarriage to the former spouse or by a nullification of the marriage dissolution or annulment.

4. Relative of the owner's former spouse. As used in this section, "a relative of the owner's former spouse" means an individual who is related to the owner's former spouse by blood, adoption or affinity and who, after the divorce or annulment, is not related to the owner by blood, adoption or affinity.

§ 6-520. Disqualification for fraud, duress and undue influence and causing owner's death

1. Fraud, duress or undue influence. A beneficiary designation or a revocation of a beneficiary designation that is procured by fraud, duress or undue influence is void.

2. Causing death of owner. A beneficiary who willfully and unlawfully causes or participates with another in causing the death of the owner or of the insured individual under a life insurance policy or certificate is disqualified from receiving any benefit of a nonprobate transfer from the owner or any proceeds payable as a result of the death of an individual insured under a life insurance policy or certificate. The beneficiary designation must be given effect as if the disqualified beneficiary had disclaimed it. The fact that a beneficiary willfully and unlawfully caused or participated with another in causing the death of the owner may be established by a criminal conviction or guilty plea, after all appeal periods have run and those appeal proceedings have concluded, or determined in a proceeding pursuant to subsection 3 using a preponderance of the evidence standard.

3. Determination by trier of fact. On petition of any interested person or the transferring entity, the trier of fact shall determine whether a beneficiary designation or a revocation of a beneficiary designation is void by reason of subsection 1 or whether subsection 2 applies to prevent any person from receiving any benefit of the nonprobate transfer. The trier of fact may mitigate the effect of subsection 1 or 2 on any person as the trier of fact determines justice requires. Any party may demand a jury trial.

§ 6-521. Omitted spouse or child; after-born child or after-adopted child

1. Unintentional disinheritance. A law intended to protect a spouse or child from unintentional disinheritance by the will of a testator does not apply to a nonprobate transfer.

2. Designation by class. A beneficiary designation designating the children of the owner or any other person as a class and not by name must include all children of the person, whether born or adopted before or after the beneficiary designation is made.

3. After-born or after-adopted child. If a beneficiary designation names an individual who is a child of the owner, and if the owner has a child born or adopted after the owner makes the beneficiary designation, the after-born or after-adopted child is entitled to receive a fractional share of any property otherwise transferable to any child of the owner who is named in the beneficiary designation, computed as follows: the numerator of the fraction must be one, and the denominator must be the total number of the owner's children, whether born or adopted before or after the beneficiary designation was made and whether named or not in the beneficiary designation. The property otherwise transferable to the owner's children named in the beneficiary designation must be reduced in the proportion that their shares bear to each other. If there is no share designated for any child of the owner, an after-born or after-adopted child receives no share of the property subject to the nonprobate transfer.

4. Rule of transferring entity concerning after-born child rule. A beneficiary designation, a governing instrument or the rules of any transferring entity may provide that the after-born child rule does not apply, in which case after-born and after-adopted children of the owner receive no share of property designated for named children of the owner.

5. Exception. A transferring entity has no obligation to apply subsection 3 in making distribution with respect to property registered in beneficiary form. This exception for the transferring entity does not affect the ownership interest of the after-born or after-adopted child.

§ 6-522. Nonprobate transfer rules

1. Article governs. The rights and obligations of an owner, beneficiary and transferring entity in a nonprobate transfer are governed by this Article.

2. Transferring entity rules when agreement. When provision for a nonprobate transfer is a matter of agreement between the owner and the transferring entity pursuant to section 6-504, a transferring entity may adopt rules for the making, revocation, acceptance and execution of beneficiary designations and a transferring entity may adopt the rules in subsection 3 in whole or in part by incorporation by reference.

3. Default rules. The following rules in this subsection apply to all beneficiary designations, except as otherwise provided by any governing instrument, the rules of any transferring entity, applicable law or the beneficiary designation.

A. A beneficiary designation or a request for registration of property in beneficiary form must be made in writing, signed by the owner and dated.

B. A beneficiary designation may designate one or more primary beneficiaries and one or more contingent beneficiaries.

C. On property registered in beneficiary form, primary beneficiaries are the persons shown immediately following the transfer on death direction. Words indicating that the persons shown are primary beneficiaries are not required. If contingent beneficiaries are designated, their names in the registration must be preceded by the words "contingent beneficiaries," or an abbreviation thereof, or words of similar meaning.

D. Unless a different percentage or fractional share is stated for each beneficiary, surviving multiple primary beneficiaries or multiple contingent beneficiaries share equally. When a percentage or fractional share is designated for multiple beneficiaries, either primary or contingent, surviving beneficiaries share in the proportion that their designated shares bear to each other.

E. Provision for a transfer of unequal shares to multiple beneficiaries for property registered in beneficiary form may be expressed in the registration by a number preceding the name of each beneficiary that represents a percentage share of the property to be transferred to that beneficiary. The number representing a percentage share need not be followed by the word "percent" or a percent sign.

F. A nonprobate transfer of property also transfers any interest, rent, royalties, earnings, dividends or credits earned or declared on the property but not paid or credited before the owner's death.

G. If a distribution by a transferring entity pursuant to a nonprobate transfer results in fractional shares in property that is not divisible, the transferring entity may distribute the fractional shares in the name of all beneficiaries as tenants in common or as the beneficiaries may direct or the transferring entity may sell the property that is not divisible and distribute the proceeds to the beneficiaries in the proportions to which they are entitled.

H. On the death of the owner, the property, less a setoff for all amounts and charges owed by the owner to the transferring entity, belongs to the surviving beneficiaries and their lineal descendants when required as substitutes as follows:

(1) If a multiple primary beneficiary does not survive and has no surviving lineal descendant substitutes, the nonsurviving primary beneficiary's share belongs to the surviving primary beneficiaries in the proportion that their shares bear to each other;

(2) If no primary beneficiary or lineal descendant substitute survives, the property belongs to the surviving contingent beneficiaries in equal shares or in the percentage or fractional share stated;

(3) If a multiple contingent beneficiary does not survive and has no lineal descendant substitutes, the nonsurviving contingent beneficiary's share belongs to the surviving contingent beneficiaries in the proportion that their shares bear to each other; and

(4) If no beneficiary survives the owner, the property belongs to the owner's estate.

I. If a trustee designated as a beneficiary does not survive the owner, resigns or is unable or unwilling to execute the trust as trustee and, if within one year of the owner's death no successor trustee has been appointed or has undertaken to act, or if a trustee is designated as beneficiary and no trust instrument or probated will creating an express trust has been presented to the transferring entity, the transferring entity may in its discretion make the distribution as it would be made if the trust did not survive the owner.

J. If a beneficiary cannot be located at the time the transfer is made to located beneficiaries, the transferring entity shall hold the missing beneficiary's share. If the missing beneficiary's share is not claimed by the beneficiary or the beneficiary's personal representative or successors within one year of the owner's death, the transferring entity shall transfer the share as if the beneficiary did not survive the owner. The transferring entity has no obligation to attempt to locate a missing beneficiary, to pay interest on the share held for a missing beneficiary or to invest the missing beneficiary's share in any different property. Cash, interest, rent, royalties, earnings or dividends payable to the missing beneficiary may be held by the transferring entity at interest or reinvested by the transferring entity in the account or in a dividend reinvestment account associated with property held for the missing beneficiary.

K. If a transferring entity is required to make a nonprobate transfer to a minor or an adult with a disability, the transfer may be made pursuant to Article 5, Parts 1 to 3; Title 33, chapter 32; or a similar law of another state.

L. A written request for execution of a nonprobate transfer may be made by a beneficiary, a beneficiary's legal representative or attorney in fact or the owner's personal representative. The request must be under oath or affirmation, be subscribed before a notary public or other person authorized to administer oaths and include the following:

(1) The full name, address and tax identification number of each beneficiary;

(2) The percentage or fractional share to be distributed to each beneficiary;

(3) The manner in which percentage or fractional shares in nondivisible property or the proceeds therefrom are to be distributed;

(4) A statement that there are no known disputes as to the persons entitled to a distribution under the nonprobate transfer or the amounts to be distributed to each person and no known claims that would affect the distribution requested; and

(5) Such other information as the transferring entity may require.

M. A written request pursuant to paragraph L must be accompanied by the following:

(1) Any certificate or instrument evidencing ownership of the contract, account or property;

(2) Proof of death of the owner and any nonsurviving beneficiary;

(3) An inheritance tax waiver from states that require it;

(4) When the request is made by a legal representative, a certified copy of the court order appointing the legal representative; and

(5) Such other proof of entitlement as the transferring entity may require.

§ 6-523. Transferring entity, protection

1. Owner gives protections to transferring entity. The owner in making provision for a nonprobate transfer under this Part gives to the transferring entity the protections provided in this section for executing the owner's beneficiary designation.

2. With or without written request. The transferring entity may execute a nonprobate transfer with or without a written request.

3. Reliance on certificate or report. The transferring entity may rely and act on:

A. A certified or authenticated copy of a death certificate issued by an official or agency of the place where the death occurred showing the fact, place, date, time of death and identity of the decedent; or

B. A certified or authenticated copy of any report or record of a governmental agency, domestic or foreign, that a person is missing, detained, dead or alive and the dates, circumstances and places disclosed by the record or report.

4. Reliance on written request. The transferring entity may rely and act on, and has no duty to verify, information in a written request made by a person specified in section 6-522, subsection 3, paragraph L, under oath or affirmation and subscribed before a notary public or other person authorized to administer oaths for execution of the beneficiary designation.

5. No duty. The transferring entity has no duty:

A. To give notice to any person of the date, manner and persons to whom transfer will be made under the beneficiary designation, except as provided in subsection 6;

B. To attempt to locate any beneficiary or lineal descendant substitute or determine whether a nonsurviving beneficiary or descendant had lineal descendants who survived the owner;

C. To locate a trustee or custodian, obtain appointment of a successor trustee or custodian or discover the existence of a trust instrument or will that creates an express trust; or

D. To determine any fact or law that would cause the beneficiary designation to be revoked in whole or in part as to any person because of change in marital status or other reason or that would qualify or disqualify any person to receive a share under the nonprobate transfer or that would vary the distribution provided in the beneficiary designation.

6. Duty based on written notice. This subsection governs the duty of a transferring entity based on written notice received by the transferring entity.

A. The transferring entity has no duty to withhold making a transfer based on knowledge of any fact or claim adverse to the transfer to be made unless, prior to the transfer, the transferring entity has received written notice at a place and time and in a manner that affords a reasonable opportunity to act on it before the transfer is made that:

(1) Asserts a claim of beneficial interest in the transfer adverse to the transfer to be made;

(2) Gives the name of the claimant and an address for communications directed to the claimant;

(3) Identifies the deceased owner and the property to which the claim applies; and

(4) States the amount and nature of the claim as it affects the transfer.

B. If a notice as provided in paragraph A is received by the transferring entity, the transferring entity may discharge any duty to the claimant by delivering a notice or sending a notice by certified mail to the claimant at the address given in the notice of claim advising that a transfer adverse to the claimant's asserted claim may be made in 30 days from the date of delivery or mailing unless the transfer is restrained by a court order. If the transferring entity so delivers or mails such a notice, it shall withhold making the transfer for 30 days after the date of delivery or mailing and may then make the transfer unless restrained by a court order.

C. No notice or information other than that described in paragraph A shown to have been available to the transferring entity, its transfer agent and their employees affects the right to the protections provided in this Part.

7. Property transferred to fiduciary. The transferring entity has no responsibility for the application or use of property transferred to a fiduciary that the fiduciary as such is entitled to receive.

8. Require parties to adjudicate or furnish bond. Notwithstanding the protections provided the transferring entity in this Part, in the event the transferring entity is uncertain as to the beneficiary entitled to receive a transfer or the beneficiary's proper share, or in the event of a dispute as to the proper transfer, the transferring entity may require the parties to adjudicate their respective rights or to furnish an indemnity bond protecting the transferring entity.

9. Discharge from all claims. A transfer by the transferring entity in accordance with this Part and pursuant to the beneficiary designation in good faith and in reliance on information the transferring entity reasonably believes to be accurate discharges the transferring entity from all claims for the amounts paid and the property transferred.

10. Protections in addition. The protections provided a transferring entity in this Part are in addition to protections provided by other law.

§ 6-524. Rights of owners and beneficiaries; improper distribution, liability of distributee; purchasers from distributee

1. Protections not applicable to beneficiaries. Any protection provided to a transferring entity or to a purchaser or lender for value under this Part has no bearing on the rights of beneficiaries or others in disputes among themselves concerning the ownership of the property.

2. Improper distribution or payment of money. Unless the payment or transfer can no longer be questioned because of adjudication, estoppel or limitations, a transferee of money or property pursuant to a nonprobate transfer that was improperly distributed or paid is liable to return to the transferring entity or deliver to the rightful transferees the money or property improperly received and the income earned thereon by the transferee. If the transferee does not have the property, then the transferee is liable to return the value of the property as of the date of disposition and the income and gain received by the transferee from the property and its proceeds. If the transferee has encumbered the property, the transferee shall satisfy any debt incurred that imposes an encumbrance on the property, sufficient to release any security interest, lien or other encumbrance on the property.

3. Good faith purchase or acquisition of security interest after death of owner. A purchaser for value of property or a lender who acquires a security interest in the property from a beneficiary of a nonprobate transfer after the death of the owner, in good faith and in the absence of actual knowledge that the transfer was improper or that the information in an affidavit, if any, provided pursuant to section 6-522, subsection 3, paragraph L is not true, takes the property free of any claims of or liability to the owner's estate, creditors of the owner's estate, persons claiming rights as beneficiaries under the nonprobate transfer or heirs of the owner's estate; a purchaser or lender for value has no duty to verify sworn information relating to the nonprobate transfer. The protection provided by this subsection applies to information that relates to the ownership interest of the beneficiary in the property and the beneficiary's right to sell, encumber and transfer good title to a purchaser or lender and does not relieve a purchaser or lender from the notice imparted by instruments of record respecting the property.

4. No liability for good faith transfer. A nonprobate transfer that is improper because of the application of sections 6-518 to 6-521 imposes no liability on the transferring entity if the transfer was made honestly in good faith, regardless of any negligence in determining the proper transferees. The remedy of the rightful transferees is limited to an action against the improper transferees.

§ 6-525. Rights of creditors

A deceased owner's creditors, surviving spouse and unmarried minor children have the rights set forth in section 6-530 with respect to the value of property passing by nonprobate transfer.

§ 6-526. Scope and application of Part

1. Part applicable. Subject to the provisions of section 6-528, this Part applies to a nonprobate transfer on death if at the time the owner designated the beneficiary:

A. The owner was a resident of this State;

B. The obligation to pay or deliver arose in this State or the property was situated in this State; or

C. The transferring entity was a resident of this State or had a place of business in this State or the obligation to make the transfer was accepted in this State.

2. Direction and obligation subject to Part. The direction for a nonprobate transfer on the death of the owner and the obligation to execute the nonprobate transfer remain subject to the provisions of this Part despite a subsequent change in the beneficiary, in the rules of the transferring entity under which the transfer is to be executed, in the residence of the owner, in the residence or place of business of the transferring entity or in the location of the property.

3. Certificates, accounts or deposits in financial institutions. Sections 6-501 to 6-517 and 6-521 to 6-523 do not apply to certificates, accounts or deposits in financial institutions unless the provisions of this Part are incorporated into the certificate, account or deposit agreement in whole or in part by express reference.

4. Directions given to personal custodian. This Part applies to transfer on death directions given to a personal custodian under Article 5, Parts 1 to 3.

5. Certificates of ownership or title issued by the Secretary of State. Sections 6-501 to 6-517 and 6-521 to 6-523 do not apply to certificates of ownership or title issued by the Secretary of State.

6. Payments pursuant to product sold by life insurance company. Sections 6-501 to 6-517, 6-519 and 6-521 to 6-529 do not apply to property, money or benefits paid or transferred at death pursuant to a life or accidental death insurance policy, annuity, contract, plan or other product sold or issued by a life insurance company unless the provisions of this Part are incorporated into the policy or beneficiary designation in whole or in part by express reference.

7. Express provision that law does not apply. Sections 6-501 to 6-517 and 6-521 to 6-523 do not apply to any nonprobate transfer when the governing instrument or law expressly provides that the nonprobate transfers law of this State does not apply.

8. Employee benefit plan. Section 6-519 does not apply to any employee benefit plan governed by 29 United States Code, Section 1001 et seq.

§ 6-527. Jurisdiction

The probate court may hear and determine questions and issue appropriate orders concerning the determination of the beneficiary who is entitled to receive a nonprobate transfer, the proper share of each beneficiary and any action to obtain the return of any money or property, or its value and earnings, improperly distributed to any person.

§ 6-528. Beneficiary designation valid under law of another state; effect of transfer determined by local law selected in document or designation

1. Transfer on death security registration. A beneficiary designation that purports to have been made and that is valid under the Uniform Probate Code, Uniform Transfer on Death Security Registration Act or similar law of another state is governed by the law of that state, and the nonprobate transfer may be executed and enforced in this State.

2. Local law. The meaning and legal effect of a nonprobate transfer must be determined by the local law of the particular state selected in a governing instrument or beneficiary designation.

3. Apply to be uniform among states. The provisions of this Part must be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of this Part among states enacting a similar law.

§ 6-529. Nonprobate transfer laws to be effective; prior transfers to be valid

1. Made on or after January 1, 2018. This Part applies to beneficiary designations for nonprobate transfers of property subject to this Part made on and after January 1, 2018. This Part applies to all nonprobate transfers occurring on and after January 1, 2018.

2. Made before January 1, 2018. Any provision for a nonprobate transfer of money, benefits or property at death as permitted in this Part purported to have been made before January 1, 2018 is validated notwithstanding that there was no specific statutory authority for making the nonprobate transfer in that manner at the time provision for the nonprobate transfer was made.

§ 6-530. Nontestamentary transfer on death; property received to cover statutory allowances and claims

A nonprobate transfer of a decedent's property under this Part is not effective against an estate of a deceased owner to transfer to a survivor sums needed to pay debts, taxes and expenses of administration, including statutory allowances to the surviving spouse, minor children and dependent children, if other assets of the estate are insufficient. A surviving sole owner or beneficiary who receives a security after the death of a deceased owner is liable to account to the personal representative of the decedent's estate for amounts the decedent owned beneficially immediately before the decedent's death to the extent necessary to discharge the claims and charges remaining unpaid after application of the decedent's estate. A proceeding to assert this liability may not be commenced later than 2 years following the death of the decedent. Sums recovered by the personal representative must be administered as part of the decedent's estate.

SUMMARY

This bill enacts as Article 6, Part 4 of the Maine Probate Code the Uniform Real Property Transfer on Death Act, adopted by the Uniform Law Commission in 2009. The Prefatory Note and the Comments explain the Act and its provisions in detail.

This bill amends the Maine Probate Code to provide for the nonprobate transfer of personal property not already covered by Article 6 of the Maine Probate Code by enacting a new Part 5. The bill allows the owner of personal property, whether tangible or intangible, to provide for the transfer of that property to take place at the death of the owner without the property being included in the estate of the deceased owner. Current law already provides for "payable on death" accounts and the registration of securities to be transferred on the death of the owner. This bill covers all other personal property but does not apply to the transfer of real property, which is covered by the new Part 4. Part 5 is modeled on Missouri law.

HP0682 LD 969	Session - 128th Maine Legislature		LR 885 Item 1
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