Estate planning options at Machias Savings Bank
There are two ways to keep your Machias Savings Bank accounts out of probate: adding beneficiary designations and structuring ownership to align with your estate plan. Which approach works best depends on the account type and your overall estate plan.
Each of Machias Savings Bank's 10 accounts has different rules for how it transfers at death. The sections below explain the options for each.
Contact Machias Savings Bank directly for information about adding or updating beneficiary designations on your accounts.
Why trust accounts are not available
Machias Savings Bank does not currently support retitling accounts into a trust. The alternative is to name a trust as the Transfer on Death beneficiary, which provides similar probate-avoidance benefits while keeping the account in the individual's name.
My MSB Checking
Interest-bearing checking with a Visa debit card and refunds of up to $25 a month in surcharges at other banks' ATMs in the United States. An applicant opening online or in a branch must be a U.S. citizen at least 18 years old and a Maine or New Hampshire resident or an existing customer.
My MSB Savings
Interest-bearing savings with unlimited transactions and an ATM-only debit card.
My MSB Money Fund
Tiered-rate savings with unlimited transactions and an ATM-only debit card.
High Yield Savings
Tiered-rate savings opened through a branch: the page's contact form connects you with your local branch to open the account. The bank offers additional FDIC coverage for balances over $250,000.
My MSB Kids Club
Savings for a child, opened by an adult at least 18 years old. It becomes a My MSB Savings account when the child turns 18.
My MSB Certificate of Deposit
A certificate is reinvested automatically at maturity unless changes are made within 10 days. Withdrawing early costs from 30 days' interest on a 3-month term to 545 days' interest on a 60-month term.
Traditional and Roth IRA
Sources
(2)·
Data sourced from Machias Savings Bank primary sources (34 pages reviewed). How we research.
Machias Savings Bank estate support
Customer Service
Phone
Machias home office
Phone banking (automated)
Lost credit card
Hours
Office
Mailing address
Website
Estate requests go through general customer service.
Estate planning articles
Learn how to protect your Machias Savings Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
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Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
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New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
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Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning Your Estate
Free forms for planning your estate: will, living trust, pour-over will, powers of attorney and TOD deed. Prepare each form for your state and download the PDF.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Codicil to a Will
Add, revoke or replace provisions of your will and republish the rest, signed as your state requires for a will.
Tools for Planning Your Estate
Free tools for planning your estate: will and trust costs, trust or TOD deed, and the signing rules. Run each tool for your state and read its answer.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.
Do I Need a Revocable Trust?
Find out if a revocable trust makes sense based on your state, estate value, and family situation.
Trust or Will: Which Costs Less?
Compare the cost of probate vs a trust for your state and estate value.
How Much Is the Federal Gift Tax?
Whether a gift owes federal gift tax, how much of the annual exclusion and lifetime exemption it uses, and whether Form 709 is due.
What Does Estate Planning Actually Cost?
Compare costs across estate planning providers including online services and attorneys.
