Recently the folks at a local newspaper forwarded to me a letter they received from a gentleman identifying himself as “a senior citizen, over 75”. The letter was entitled “Seniors Beware.” The writer requested that the letter be published to help others, because he had “learned the hard way.” With the "help" of others (and without his own lawyer), the gentleman created a joint bank account that he did not intend to. He is in court trying to reverse the creation.

The article explains the operation of and differences among joint accounts, "pay on death" accounts and convenience accounts, and illustrates the lesson of what can happen when people don't know what they are doing.